MPs debate the creation of a commercial financial dispute resolution platform
1 December 2016
On Thursday 15 December MPs debated and agreed a motion on the creation of a commercial financial dispute resolution platform.
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The House of Commons Library produced a debate pack which includes more information on this debate.
Motion debated and agreed by the House
"That this House notes the statement presented to the Treasury Committee on 20 July 2016 by Dr Andrew Bailey of the Financial Conduct Authority (FCA); endorses his statement that the ad hoc creation of a compensation scheme within the FCA was not entirely successful and lacked perceived authority to treat customers with fair outcomes; believes that the recent headlines and allegations in the press against RBS will lead to pressure for a similar scheme; notes that many debates in this House over the years have focused on similar subjects with different lenders; believes that what is needed is not ad hoc compensation schemes, but a long-term, effective and timely dispute resolution mechanism for both regulated and unregulated financial contracts; and calls on the FCA, the Department for Business, Energy and Industrial Strategy and the Ministry of Justice to work with the All-Party Parliamentary Group on Fair Business Banking to create a sustainable platform for commercial financial dispute resolution."
Backbench Business Committee
The Backbench Business Committee meets weekly on Tuesdays to consider requests for debates from any backbench Members of Parliament on any subject.
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This debate was scheduled by the Backbench Business Committee following a representation from George Kerevan and Steve Baker.
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