CLYDESDALE BANK REFINANCING PRACTICES

Early day motion 598, tabled 26 October 2016 by Stephen Gethins (Scottish National Party). Signed by 80 members.

That this House notes the June 2012 findings of the Financial Services Authority (FSA) that there were serious failings in the sale of interest rate hedging products to some small and medium-sized businesses by Clydesdale Bank; further notes the earlier critical findings of the Treasury Select Committee that the voluntary redress procedures implemented by Clydesdale Bank were inadequate; regrets that the subsequent behaviour of the bank has done nothing to date to improve customer confidence in this system of redress; criticises the bank for being less than fully transparent about the costs, penalties, obligations and calculations attached to its break clauses; notes that the bank has failed repeatedly in the redress process to give details of so-called third party hedges that triggered excessive financial penalties for clients; encourages the bank and its representatives to provide more accurate and consistent information, such as terms and conditions to its customers when they inquire about their personal finances; further encourages the FCA regulator to re-examine the voluntary redress scheme and ensure Clydesdale Bank's customers have been fairly treated.

Signatures by party: Scottish National Party 51, Labour 12, Liberal Democrat 4, Labour/Co-operative 3, Plaid Cymru 3, Independent 2, UUP 2, Conservative 1, DUP 1, Green 1.