Wyre Forest MP to take action over 'reckless' banking

10:00am Sunday 28th October 2012 in Local Photograph of the Author By William Tomaney

WYRE Forest’s MP is to help protect small businesses from “reckless banking practices”.

Conservative Mark Garnier has joined, as vice chairman, a new Parliamentary group to investigate the mis-selling of interest rate hedging products by UK banks and the effect this has had on small and medium-sized enterprises (SMEs).

The all-party mis-selling group has already attracted 48 MPs from across the parties, reflecting the serious concerns among Parliamentarians about whether enough is being done to support the thousands of SMEs impacted by the mis-selling of “swaps”.

According to Mr Garnier, the Financial Services Authority redress scheme is currently not providing the level of independence necessary to ensure a fair hearing for claims.

He says action needs to be taken to support the SMEs who have been mis-sold these products by banks - many of whom are being forced into administration.

“The group aims to ensure SMEs are not marginalised by those banks who are managing the claims over their own mistakes and to prevent such reckless sales practices from occurring again,” he added.

Comments(8)

Jon D says...
5:52pm Sun 28 Oct 12

Mark Garnier was a hedge fund manager, has been campaigning to deregulate Independent Financial Advisers (deregulation was what led to the global financial crisis) & winced when John Mann MP criticised Barclays boss Bob Diamond & his fellow bankers (it was on TV). So the fact that he's on this committee should ring alarm bells.

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Mary79 says...
6:36pm Sun 28 Oct 12

where better a place to be to make sure nothing changes and the banks dont lose out

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Gobby Robby says...
9:07pm Sun 28 Oct 12

Mark Garnier is in government - that's surely enough to set alarm bells ringing!

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Shibdrift says...
8:24pm Mon 29 Oct 12

All is safe. They're all bankers!! ;o)

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Baldwinian says...
11:39am Tue 30 Oct 12

If only the quality of all your correspondence approached the energy and results obtained by Mark Garnier in the short period that he has been an MP. At last we have a representative who has some clout in government and experience to qualify his opinions.

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Gobby Robby says...
12:51pm Tue 30 Oct 12

Explain to me then, Baldwinian, why Garnier backed BFS for Wyre Forest & then promptly dropped it when the government dropped it? Explain to me why Garnier backed privatisation of Wyre Forest & then backed down when the govt backed down? Explain to me why Garnier implied he wanted the break up of the Union only to back track after the success of the Olympics? In fact explain what clout if any Garnier has had on his govt? Also explain how Garnier's experience as a hedgefund manager helps in any way his role as our MP? And finally are you called Baldwinian because you are in awe of one of Britain's worst ever Prime Ministers Stanley Baldwin? I wait for your answers of 'quality' with baited breath.....

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Gobby Robby says...
10:30pm Tue 30 Oct 12

Helloooooooo Baldwinian? This was your big chance to shine after pompous put downs of the plebs commenting on here? Seems you're a bit t'ick after all you closet oik ;-)

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Shibdrift says...
12:55pm Wed 31 Oct 12

People get into trouble accusing others of being plebs!
The plebs was the general body of free, land-owning Roman citizens and consisted of freed people, shopkeepers, crafts people, skilled or unskilled workers, and farmers.
Sound like voters to me?
So I wonder who will have the last laugh?

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