Tag Archives: Treasury Committee

Treasury Committee starts economic crime inquiry

The Treasury Committee has announced a new inquiry into economic crime.  One part of the inquiry will look at the AML and sanctions regimes in the UK and how firms, individuals and the wider economy are impacted by them and the UK legislative and regulatory framework around them.  The other will look at the economic […]

Treasury Committee asks FOS for answers

The Treasury Committee has written to Caroline Wayman, Chief Executive of FOS, following an episode of “Dispatches” that suggested FOS was staffing cases with individuals with inadequate training or understanding of financial products, and claimed some cases had been decided in favour of banks without a proper reading of the files. Nicky Morgan’s letter asks […]

Treasury Committee welcomes Co-op review

Nicky Morgan has welcomed the “long overdue” review into the Co-op Bank. She had written to Andrew Bailey in February to ask why the review, announced by George Osborne in November 2013, had not yet started. The response from FCA confirmed that the review had to wait until enforcement action had concluded and noting the […]

Treasury Committee concerned at GRG “rebrand”

The Treasury Committee is concerned at evidence RBS has provided to it that indicates that 75% of current RBS restructuring employees previously worked in the GRG. Nicky Morgan said that although Ross McEwen, RBS Chief Executive, had assured the Committee that the culture in the current Restructuring group is fundamentally different to that of the […]

SME finance inquiry launched by Treasury Committee

The Treasury Committee has opened an inquiry into small and medium sized enterprise finance, addressing lessons learned from RBS’ Global Restructuring Group, and the state of the market for SME finance. The inquiry seeks to consider: The extent of competition in the SME finance market; The sources of funding available to SMEs, including crowdfunding and […]

Treasury Committee publishes RBS report

The Treasury Committee has published the final, unredacted skilled persons’ report into the RBS treatment of SME customers in its Global Restructuring Group. It had given FCA until 16 February to publish this, but FCA did not do so and therefore the Treasury Committee has now done it.

FCA explains perimeter to Treasury Committee

Andrew Bailey has written to the Treasury Select Committee setting out a summary of the powers “FCA does not have”. It has been asked many questions in the context of the RBS GRG investigation. The letter sets out: FCA’s basic remit over regulated activities and its role as the UKLA as well as its powers […]

Treasury committee calls for urgent agreement on Brexit transition

The Treasury Committee has published a report which supports a time-limited “standstill” transition arrangement after the Brexit Article 50 negotiations are finished. It thinks it should be simple to negotiate these, to provide certainty as soon as possible and maximise the time available for longer-term discussions. The report also notes that, for the financial services […]

Treasury Committee seeks LINK assurance

Nicky Morgan, chair of the Treasury Committee, has written to the Chairman of LINK seeking assurances on the continuity of provision of cash machines. There is a proposal to reduce the fee card issuers pay to ATM operators from 25p to 20p per withdrawal and the Committee is concerned this could make some machines not economically […]

Treasury Committee inquiry into household finances

On 8 November, the Treasury Committee announced the launch of a new inquiry that will examine problematic indebtedness, inter-generational issues, lifetime financial planning and the effectiveness of the market in financing solutions and products to low income households. The Chair of the Treasury Committee, Rt. Hon. Nicky Morgan, indicated that the scope will include: what […]