On Thursday 24 October, MPs took part in a debate on a motion relating to the Financial Conduct Authority redress scheme for the mis-selling of interest rate swap derivatives. This debate was chosen by the Backbench Business Committee following representations from Guto Bebb, Mark Garnier, and Mr Gary Streeter.
Watch the debate and read the transcript
The debate was opened by Guto Bebb.
Watch the debate on Parliament TV and read the views expressed by MPs in Commons Hansard.
Text of the motion
Guto Bebb moved the following motion:
“That this House considers the lack of progress made by banks and the Financial Conduct Authority on the redress scheme adopted as a result of the mis-selling of complex interest rate derivatives to small and medium businesses to be unacceptable; and notes that this lack of progress is costly and has caused further undue distress to the businesses involved."
How the subject was selected
The subject for this debate was determined by the Backbench Business Committee following representations by Guto Bebb, Mark Garnier, and Mr Gary Streeter at the Committee’s public meeting on 15 October 2013.
Backbench Business Committee
The Backbench Business Committee meets weekly on Tuesdays at 3pm to consider requests for debates from any backbench Members of Parliament on any subject, including those raised in e-petitions or national campaigns.
An MP must make a representation before the Committee for an e-petition or petition to be debated; e-petitions exceeding the Government's 100,000 signature threshold are not automatically allocated backbench time.
The Committee then has to decide how to allocate the limited Parliamentary time it has at its disposal. The Committee's meetings are always conducted in public and can be watched on Parliament TV.
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