Working in Parliament to encourage a finance system that allows people to flourish and business to thrive. Retweets are not endorsements.
Westminster
Joined July 2016
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On Monday we launched our Car Finance report. Current redress plans could short-change millions as lenders keep £7.4bn. It’s time for a fair redress scheme that restores compensation and trust.
Thanks @CourmacsLegal for sponsoring.
Report: appgbanking.org.uk/research
#CarFinance 🚗
‘Michael Sheen’s Secret Million Pound Giveaway,’ released on Monday, shone a light on the issues with the UK’s credit system and the devastating impacts it has for people on low incomes.
See the full documentary here: channel4.com/programmes/mich…
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Our Chair, @HattonLloyd, spoke about the need for legislation and the importance of a Fair Banking Act in rebalancing the banking sector, as seen below.
@FBfACampaign @michaelsheen
Tomorrow we're in Court on behalf of victims of the IRHP mis-selling scandal. The exclusion of so many SMEs from fair redress and the subsequent financial losses faced cannot be ignored.
See our Crowd Funding page for more information on the case 👇
crowdjustice.com/case/irhp-c…
Great to host a reception yesterday with @CifasUK, discussing identity theft, AI and deepfake fraud. This well attended event demonstrated real momentum behind tackling fraud, from industry experts and parliamentarians, providing a great opportunity for constructive conversation.
APPG Chair @lukejcr and @taxinparliament member @Phil_Brickell emphasised the damaging effects of fraud on people’s lives and the need for a holistic approach to combat the issue, pointing to the recommendations of our Economic Crime Manifesto 👇
economiccrimemanifesto2024.c…
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Seven years too long – victims of the £1bn HBOS fraud are still left without the findings of the Dobbs review. Justice and transparency demand that the bank release the entire report; piecemeal "findings" aren't enough. It's time Lloyds provides overdue answers to those harmed.
Pressure builds over Lloyds refusal to commit to publishing long-delayed report into whether it covered up a £1bn lending scandal. Lord Tyrie, Baroness Morgan and a Lloyds staff union call for intervention of MPs
thetimes.com/business-money/…
Compensation for Post Office Horizon victims is long overdue. This inquiry is a key step toward justice, but it’s crucial all sub-postmasters receive full and fair redress for the harm caused.
For recommendations, see our Compensation and Redress report👇appgbanking.org.uk/compensat…
EXCLUSIVE: A parliamentary inquiry looking at delays in compensation settlements for subpostmasters impacted by the Horizon scandal will be launched next week
itv.com/news/2024-10-29/parl…
We echo this thanks to all who attended and spoke at Monday’s roundtable. It’s great to see the momentum that this campaign is gaining and we look forward to continuing our work with @FBfACampaign, working towards a fairer banking system for all👇
👏👏👏 A huge thank you to everyone who took part in our #FairBankingForAll parliamentary roundtable with @APPGbanking.
@MoneyMatix @lendologycic @michaelsheen @Alpkit @fsb_policy @ABCULCUs @TheFinanceLab
Find out more about the campaign here 👇
financeinnovationlab.org/our…
ALT 9 people stand in a row in a parliamentary committee room, smiling at the camera. Pop up banners behind them show the Fair Banking for All and the APPG on Fair Banking logos.
Personal guarantees damage trust between SMEs and their lenders, and may ultimately stifle entrepreneurship and inhibit growth.
But more must be done to support SMEs, particularly improving access to suitable credit. See our SME manifesto here 👉 appgbanking.org.uk/news/sme-…
1/ Great to hear valuable insights from contributors including @ABCULCUs @Alpkit @fsb_policy @lendologycic @MoneyMatix @TheFinanceLab at yesterday’s roundtable on the merits of a Fair Banking Act in the UK.
2/ APPG Chair @HattonLloyd: "This new Labour Government is listening, and they want to try and do things differently. I sincerely hope that the proposals in the Fair Banking Act are at the heart of their approach to improving financial inclusion in the UK."
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Financial institutions like Revolut must prioritise stronger security measures to protect customers from fraud. By improving safeguards and responding faster, they can reduce risks and maintain customer trust. Proactive steps against fraud benefit both the company and its users.
Jack watched helplessly as more than £150k was taken from his account. Is Revolut a safe place to deposit cash? bbc.in/4f4Sldx
Victims of the HBOS fraud scandal have waited over seven years for conclusions from the Dobbs review. An interim report could offer clarity and insight into what has transpired during this prolonged process.
See the @thetimes article by @jameshurley here👉thetimes.com/business-money/…
A promising announcement from @bankofengland, outlining plans to reduce capital requirements for loans, which will support SME growth.
As a key recommendation in our recent SME Manifesto, we thoroughly support this move. See more of our manifesto here 👉appgbanking.org.uk/s/SME-Man…
Bank of England waters down plans to impose tougher capital rules on UK banks dlvr.it/TD84l4
This week saw an important debate on the impact of fraud and economic crime on businesses and consumers. As debate lead and APPG Co-Chair @lukejcr highlights below, fraudsters are becoming increasingly sophisticated, with very human impacts 👇
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Fellow APPG Co-Chair @DavidBSampson called on Government to work with the relevant bodies to improve the scope of the UK's fraud strategy, with the aim of tackling the sophisticated schemes targeting consumers 👇
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We are concerned at this apparent watering down of consumer protections. Too often, individuals and businesses are unfairly de-banked with little or no justification given.
Read our report on the scale and causes of de-banking in the UK 👉 appgbanking.org.uk/s/De-Bank…
Revolut says it no longer needs 'good reason' to debank customers. ❗️
➡️uktech.news/fintech/revolut-… 🔗
#revolut #banking #fintech #payments #customers #UKtech
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Clearly a fine balance to be struck to both protect consumers and support businesses. But the continued uncertainty over this key policy is alarming.
The APPG will be conducting research into the tension between APP Fraud regulation and its impact on businesses and consumers.
The new maximum fraud payout is now expected to be set at just £85,000, down from £415,000. on.ft.com/4cXYSFr
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We welcome this probe into the potential exploitation of vulnerable consumers.
Mis-selling can destroy livelihoods and ruin lives, as we saw with the IRHP scandal. The FCA must act swiftly and effectively to restore trust in the sector.
thismon.ee/a/13787469 via @ThisIsMoney
Regulators have to find a way to protect consumers, who lost over £450m to APP fraud last year, without stifling competition and innovation.
The APPG will work to better understand this natural tension, in order to build a financial services sector which works for everyone.
The government and City watchdog have raised concerns over a fraud refund scheme from the UK payments regulator that firms have warned could do long-lasting damage to the industry, City A.M. understands.
cityam.com/treasury-and-fca-…
The acceptance of most of the inquiry's recommendations should help many victims to move on with their lives.
But, like so many other scandals, the compensation process has taken far too long. Read our report on fixing Britain's broken redress schemes👇
appgbanking.org.uk/compensat…
The government have this morning published an update on the compensation scheme and interim compensation authority chair Sir Robert Francis’ recommendations on the workings and tariffs of the scheme.
Read more here
haemophilia.org.uk/pi_posts/…
We’re Back!
Yesterday, the group reconstituted as the All-Party Parliamentary Group on Fair Banking.
Meet our new officers, @HattonLloyd, @lukejcr, @DavidBSampson, and the Earl of Lindsay 👇
🎉📄Yesterday, we launched our SME Manifesto in Parliament.
We were joined by industry leaders, Parliamentarians, Ministers, and by a host of speakers including @kevinhollinrake, @rushanaraali, @_RichardDavies, @nedbeale.
Some highlights 👇
Our Executive Director of Policy and Strategy, Heather Buchanan, gave an overview of the #manifesto and spoke of the need to think differently about how we do #SME lending and redress because the current system is flawed and failing thousands of small #businesses.
