Chuka Umunna – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Chuka Umunna on 2015-01-15.

To ask the Secretary of State for Business, Innovation and Skills, pursuant to the Answer of 1 October 2014 to Question 206270, what discussions and meetings (a) Ministers in his Department, (b) officials in his Department and (c) Business Bank staff have had with (i) participating lenders and (ii) business organisations where allegations of misselling relating to the Enterprise Finance Guarantee Scheme were discussed since 2012.

Matthew Hancock

The British Business Bank maintains regular contact with all of the main lenders participating in the Enterprise Finance Guarantee scheme. Quarterly meetings are held at a senior level and the allegations of mis-selling have been on the agenda of those meetings since early in 2014. In addition, operational meetings take place on a regular basis. From August 2014 onwards more frequent senior level meetings have taken place with the Royal Bank of Scotland (RBS). At a meeting in August 2014 RBS agreed to our request that they should undertake to conduct an internal review. The findings of that review and a proposed course of action were presented at a meeting with the British Business Bank in December 2014, and senior executives from RBS met the Secretary of State on 14 January 2015. The British Business Bank has also discussed the ‘mis-selling’ allegations with the British Bankers’ Association and the Lending Standards Board, each on one occasion.