Debate on redress for victims of banking misconduct and the FCA

This backbench business debate is sponsored by Martin Whitfield MP.  It has been called to highlight the treatment of small firms that were referred to the Global Restructuring Group – a division of RBS – which dealt with small companies that were in financial difficulty.  Many such firms feel that they were treated very poorly and their businesses suffered often fatal consequences at the hands of a group which had conflicted incentives.  There has been a very lengthy period of enquiry, at least four separate investigations by different bodies, into what happened, including one on behalf of the FCA by a ‘skilled person’ Promontory.  The FCA’s final Report was published just after the previous debate on this subject.

The debate will look at ways that smnall firms might seek redress other than through formal court proceedings.