Latest News
The APPG is raising money to take the FCA to court over its failure to act on IHRP mis-selling
The mis-selling of interest rate hedging products (IRHPs) by banks to business customers is one of the UK’s largest ever financial scandals. Livelihoods were lost, businesses built up over many years were destroyed and lives were ruined. The APPG is currently taking legal action challenging the FCA’s decision not to act on John Swift QC’s findings that the IRHP Redress Scheme adopted flawed eligibility criteria.
BBRS SME Liaison Panel Chair Resigns
The Business Banking Resolution Service (‘BBRS’) has suffered a crisis of leadership and confidence, with the resignation of the Chair of the SME Liaison Panel established to represent the interests of small businesses who allege mistreatment by banks. In response, the BBRS’ Chair, Lewis Shand Smith, last night announced the immediate closure of the SME Liaison Panel. The Liaison Panel will continue to scrutinise the performance of the BBRS, and will resist unilateral attempts at dissolution.
Redress Report Launch
We are delighted to have published our new report, Building a Framework for Compensation and Redress. The report makes key recommendations and sets out the key building blocks of a fair compensation scheme. We hope this can act as a guide for future schemes.
Our Goal
The APPG on Fair Business Banking puts forward policy recommendations that create a balanced finance system allowing enterprise to flourish and business to thrive. We use our voice at Parliament to help shape a level playing field between businesses and the banks that lend to them, while supporting a resilient business banking sector to deliver quality, choice and opportunity for businesses.
Current Focus
The global pandemic has deeply impacted our economy, and coupled with the climate change challenge, the sector is expecting significant change. The APPG on Fair Business Banking will be concentrating on the evolution of the business banking industry in response to these challenges to ensure that the survival and wellbeing of business is prioritised. We also need to ensure that the mistakes which left so many business owners in damaging and unfair situations are not repeated. Of biggest concern to us will be: tackling unregulated vulture funds, supporting the development of a strong and diverse business banking market and coordinating banks’ work to confront the Race to Zero challenge in a way which is fair to business.
Support Our Work
The APPG does not receive any taxpayer funding but there are costs associated with research, administration, event management, running a website and more. It is managed by its secretariat, Athena Foundation, which is not-for-profit and relies on and donations from individuals, companies and other interested groups. As the APPG gains yet more traction, it is imperative that we are able to raise sponsorship to build on our already substantial progress. To that end, we are inviting donations to support our work. Please find below a link for donations, which can be ‘one-off’ or on a monthly basis. We recommend a minimum donation of £250 per annum. There are also opportunities to sponsor events. For more information, please contact jackie@theathenafoundation.org.uk. Any donations will be recorded publicly in our register of interests.
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