On Thursday 4 December, MPs took part in a debate on a motion relating to the Financial Conduct Authority redress scheme. This debate was scheduled by the Backbench Business Committee following representations from Guto Bebb, Mark Garnier and Mark Williams.
The debate was opened by Guto Bebb, Conservative MP for Aberconwy, at 1.17pm. Shadow Treasury Minister, Cathy Jamieson responded for the Opposition. Economic Secretary at HM Treasury, Andrea Leadsom, responded for the Government.
Watch the debate and read the transcript
Text of the Motion
MPs debated the following motion:
'That this House has considered the Financial Conduct Authority’s redress scheme, adopted as a result of the mis-selling of complex interest rate derivatives to small and medium sized businesses, and has found the scheme’s implementation to be lacking in consistency and basic fairness; considers such failures to be unacceptable; is concerned about lack of transparency of arrangements between the regulator and the banks; is concerned about the longer than expected time scale for implementation; calls for a prompt resolution of these matters; and asks for the Government to consider appointing an independent inquiry to explore both these failings and to expedite compensation for victims.'
Backbench Business Committee
The Backbench Business Committee meets weekly on Tuesdays at 1pm 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.