Financial Services: Fraud
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the recent BankConfidential report entitled "Hidden Credit Lines – The Largest Fraud Anywhere Ever", and what steps she plans to take as a result.
Answered by Lucy Rigby
The Treasury is aware of the Bank Confidential report about former misconduct in SME banking. The Government also recognises the serious impact that issues of misconduct have had on small businesses in the UK.
I would refer the Honourable Member to an answer I gave recently on this topic (UIN 101305), on 6 January, in which I noted that successive governments and the financial services regulator, working with the financial sector, have taken steps aimed at addressing historical issues of SME misconduct, including through a range of compensation and redress schemes, some of which are ongoing.
The Government continues to keep the financial services regulatory framework under ongoing review, working closely with the Financial Conduct Authority.
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