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UK PARLIAMENT · SITTING

John Glen

MP for Salisbury · Conservative · United Kingdom

IN THEIR OWN WORDS

I welcome the Chief Secretary to her new position, but what words of comfort could she give the residents of Salisbury in Wiltshire, a unitary authority? We are not part of a combined authority and we do not have a metro mayor.

REGIONAL FUNDING · 2026-09-08 · READ IN HANSARD

Sam Moody is my constituent. He is the chief executive of Rockhopper. During my time in this House, he has been absolutely scrupulous in following the laws of this country and respecting the Falkland Islanders.

FALKLAND ISLANDS: SOVEREIGNTY · 2026-09-08 · READ IN HANSARD

I listened carefully to what the Minister said about the process, and I respect that. But most people who take a pretty level-headed, pragmatic view of the need for a transition over time still cannot get their heads around the short-term reality: when we have so much turmoil in the middle east, why would we extend the time that we are no…

JACKDAW AND ROSEBANK OIL AND GAS FIELDS · 2026-09-03 · READ IN HANSARD

It is 55 days till the Budget. Given the market’s reaction to the Prime Minister’s statement on Tuesday, and given that our gilt rates are higher than those of our peers in the G7, could we have a debate on the implications of higher taxes for growth?

BUSINESS OF THE HOUSE · 2026-09-03 · READ IN HANSARD

Before the hon. Lady makes her statement on Thursday, will she, when reflecting on the arrangement in Wiltshire that would embrace Wessex—although we have been told that that is not the Government’s view—address the prevailing concern that the people of rural Wiltshire will be considerably worse off without having the opportunity to embra…

LOCAL GOVERNMENT REORGANISATION · 2026-07-13 · READ IN HANSARD

I recognise that the Minister wants to come to what the Government are going to do, but does he not accept that the decisions already made in the last two years—with respect to the price of employment and the national living wage, the cost of employment with regard to legislation, and business rates—have depressed the appetite of many sma…

SUMMER JOBS · 2026-07-07 · READ IN HANSARD

The complete record

Every one of 5,915 lines we hold for John Glen, in date order, each linked to its source. Free to read, in full, without an account. Page 54 of 119.

  1. The Risk Transformation Regulations 2017 established a tax and regulatory regime that enabled the UK to become an attractive domicile for insurance-linked securities special purpose vehicles. Insurance-linked securities allow insurers to transfer risk to capital markets, with their value linked to an insured loss event. Insurance-linked securities are complex investments. Regulation 11 of the 2017 regulations clearly provides that only institutional or sophisticated investors can be offered insurance-linked securities in the UK. Regulation 157 prohibits offering insurance-linked securities to the public, and regulation 158 provides that an offer to the public includes any section of the public. That could be interpreted by some as including qualified investors, which was never the intention of the legislation.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  2. Firms may also provide relevant supplementary information to explain any figures provided. Once submitted, the FCA will review and aggregate the data, before passing it on to the Treasury. We will use the information to assess whether any savings have been passed on, and an accompanying report summarising the findings will be laid before Parliament after 1 April 2024. The reporting requirements themselves have been designed to provide the Treasury with sufficiently robust data to make an accurate evaluation of the impact of the Civil Liability Act on motor insurance premiums while minimising the regulatory burden placed on insurers. Part 3 of the regulations amend the UK’s regulatory regime for insurance-linked securities.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  3. The draft regulations are intended to hold insurers to account for that commitment. They will allow the Treasury to make an informed assessment of whether motor insurers have passed on any cost benefits arising from the Act. Insurers issuing more than 100,000 private motor insurance policies annually, which make up 95% of the market, will be required to provide a one-off data submission to the Financial Conduct Authority detailing their costs and premiums for the three years from April 2020. They will also be required to calculate counterfactual data showing what their costs and premiums would have been if the Act’s reforms had not been implemented. That data must be accompanied by a statement from a qualified auditor verifying that it meets the standards set out in the draft regulations.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  4. Of the 26.5 million UK households in 2018, 20 million had an active motor insurance policy. It is therefore essential that consumers get a fair deal from their motor insurers. As such, the Civil Liability Act 2018 made important changes to the compensation for whiplash injuries from road traffic accidents and to the way the personal injury discount rate is calculated. These changes were expected to generate savings, the benefits of which would be seen in the form of lower motor insurance premiums for consumers. Indeed, when the Act was introduced, the Association of British Insurers, which represents the majority of UK insurers, published a letter from its members—comprising 86% of its motor and liability insurance business—publicly committing to pass on savings to consumers.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  5. I beg to move, That the Committee has considered the draft Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020. It is a pleasure to serve under your chairmanship, Ms Nokes. The draft regulations serve two important functions. First, they set out information reporting requirements for motor insurers that will allow the Treasury to assess the benefits to consumers of the reforms set out in the Civil Liability Act 2018. Secondly, they will make a technical fix to the Risk Transformation Regulations 2017 by removing barriers to transactions in insurance-linked securities. I begin by outlining the information reporting requirements, which constitute part 2 of the regulations. Motor insurance is the most commonly held general insurance product in the UK.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  6. People can elect to declare themselves a “sophisticated investor”. It is not something that is generally seen to be a problem in the industry. Again, this is a technical change to bring absolute clarity in an industry in which there is a lot of legal action and activity. That was thought to possibly undermine the maturing and growth in the industry, hence the technical clarification we have made. I hope that I have fully answered the hon. Lady’s questions and that the Committee will now be able to consent to the regulations. Question put and agreed to.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  7. Given the assurance that I referred to in my opening remarks about the intention of the industry to pass on the savings, clearly it would be an outrage if that then proved not to be the case. The hon. Lady’s second point was about informally gathering the information in the first place. It was the Government’s original expectation that that would not happen, but in the other place there was scepticism about the industry’s willingness to deliver that, so an amendment was passed. In that context, it was thought wise for the Government to accept the amendment. This additional reporting requirement was a function of the view from the other place, which we looked at carefully. The hon. Lady asked about the gaming of the term “qualified or sophisticated investor,” in part 3. It is a well-understood term within financial services.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  8. I thank the hon. Member for Oxford East for her typically constructive and well-informed scrutiny of this statutory instrument. She rightly asserts the value of the insurance industry to the economy and she asks two questions with respect to part 2. On the issue of a provision for a penalty based on what the data may—or may not—show following the requirement, the Government believe that the highly competitive nature of the motor insurance sector will mean that insurers will have little or no choice but to pass on the savings to consumers, or risk being priced out of the market. If the data show clearly that insurers have made savings and are collectively not passing them on to consumers, we are satisfied that the FCA and the Competition and Markets Authority have the relevant powers to take action.

    DRAFT CIVIL LIABILITY (INFORMATION REQUIREMENTS) AND RISK TRANSFORMATION (AMENDMENT) REGULATIONS 2020 · 2020-03-10 · READ IN HANSARD

  9. This is a first-time DTA with Gibraltar and will introduce a number of improvements for businesses, individuals and Her Majesty’s Revenue and Customs. It will strengthen our relationship with Gibraltar, promote trade and investment and help to tackle tax avoidance. I shall outline the agreement’s key features. First, it complies with the minimum standards laid down in the base erosion and profit shifting, or BEPS, project, which is the OECD’s framework for combating tax avoidance by multinationals. That means that our DTA includes a statement in the preamble that the DTA is not intended by the parties to facilitate avoidance or evasion, as well as including the principal purpose test—a provision denying benefits under the DTA where the main purpose of the transactions or arrangements is to avoid tax.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  10. I beg to move, That the Committee has considered the draft Double Taxation Relief and International Tax Enforcement (Gibraltar) Order 2020. May I say what a pleasure it is to serve under your chairmanship, Ms McDonagh? The order before the Committee gives effect to a new double taxation agreement, or DTA, with Gibraltar. DTAs remove barriers to international trade and investment and provide a clear and fair framework for taxing businesses that trade across borders. By doing that, they benefit both businesses and the economies of the countries signed up to them. I shall say a few words about this agreement. We have agreed a comprehensive DTA with Gibraltar that is based on the OECD’s model tax convention and the domestic tax laws and the treaty preferences of both jurisdictions.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  11. That provides an additional layer of protection against residents of third countries exploiting the provisions. The new agreement also provides for mandatory binding arbitration, which ensures that disputes are resolved and that double taxation is therefore avoided. Finally, the new DTA provides for mutual assistance in the collection of tax debts. That will mean that, for the first time, the UK can ask Gibraltar to collect tax debts on our behalf. Together, these features strengthen both countries’ defences against tax avoidance and evasion. In summary, the agreement is one that both the UK and Gibraltar can be happy with. It protects UK revenue and provides a stable framework in which trade and investment between the UK and Gibraltar can continue to flourish. I therefore commend the order to the Committee.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  12. I thank my right hon. Friend for that intervention. I am always very interested in what he has to say. I confess that on this occasion I have not been able to attend the Chamber yet. I look forward to hearing the arguments deployed and will reserve judgment, but what I can do is commend to him the logic and value of this intervention by the Government, and I will go on to explain further why this DTA is a positive step forward. The DTA is comprehensive in scope, and as such covers all income and gains, including dividends, interest and royalties. However, we have ensured that we will retain the right to apply a withholding tax of 15% on distributions from real estate investment trusts. Also, benefits in respect of interest and royalties are limited to persons who can demonstrate a close connection to Gibraltar.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  13. I am aware of the Cayman Islands blacklisting last Monday or Tuesday and the Financial Action Task Force rulings, which we take seriously. I will write to him to give him clarity on that matter, rather than waffle on any further. I hope that that gives him some satisfaction, and that the Committee will approve the order. Question put and agreed to .

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  14. The signed agreement was published on the Government website and a ministerial statement was made to that effect on 17 October 2019, which gives MPs the opportunity to make representations. The Government do not consult generally on the content of DTAs, because they are the product of bilateral negotiations that deal with a vast range of complex issues. They are not really suitable for open negotiation, but we have been as transparent as we would expect to be, and as everyone would expect us to be, on that matter. The hon. Gentleman’s third point was about the UK’s observer status at ECOFIN. I do not have any further information on that; that will be a supplement to the first point in the letter that I write to him.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  15. I am grateful for the constructive observations of the hon. Member for Stalybridge and Hyde. With respect to the BEPS standards and the principle of stopping the abuse of DTAs, and the wider issue of how the Government might use those standards to inform future DTAs, I acknowledge what he says about the leeway in the OECD standards. I cannot give him a specific commentary, however, because DTAs are done country by country. It is probably appropriate for me to write to him to give him more specific detail, as far as I can, about how we are applying the standards across different DTAs. The hon. Gentleman asked about transparency and how the arrangement can be scrutinised.

    DRAFT DOUBLE TAXATION RELIEF AND INTERNATIONAL TAX ENFORCEMENT (GIBRALTAR) ORDER 2020 · 2020-02-25 · READ IN HANSARD

  16. The UK’s 5.8 million small businesses play a vital role in our economy. We have lowered corporation tax from 28% in 2010 to 19%. We have introduced the employment allowance, to reduce employers’ national insurance contributions bill by £3,000 every year, and we have reduced the business rates burden, so that more than 675,000 of the smallest businesses pay no rates at all.

    SMALL BUSINESSES · 2020-02-11 · READ IN HANSARD

  17. The Treasury team love pubs, and we recognise the importance of pubs to the economy and to community life up and down this country; they provide a place to socialise and drink responsibly. That is why we have frozen the duty over six of the last seven years, which means that a pint of beer is 14p cheaper than it would have been otherwise, and we are now at a 30-year low in real terms.

    SMALL BUSINESSES · 2020-02-11 · READ IN HANSARD

  18. I am delighted to confirm that the retail discount of 50% will operate from 1 April this year. We will also extend the discount to include cinemas and music venues, extend the duration of the local newspaper office space discount, and introduce an additional discount for pubs, worth £1,000, for up to 18,000 pubs up and down the country.

    SMALL BUSINESSES · 2020-02-11 · READ IN HANSARD

  19. The hon. Gentleman is right to raise that point. That is why we have the Small Business Commissioner. We are working closely with trade bodies to ensure best practice. The Department for Business, Energy and Industrial Strategy leads on this, but we work closely with that Department so that more progress is made on this vital matter.

    SMALL BUSINESSES · 2020-02-11 · READ IN HANSARD

  20. We are working closely with the representative organisations to understand those concerns, but it is important that we move forward, secure a free trade agreement and give certainty to small businesses. Their principal concern over the past year is a lack of progress, and it is our responsibility to remove that uncertainty and reach a clear position.

    SMALL BUSINESSES · 2020-02-11 · READ IN HANSARD

  21. I recognise the positive impact that co-operatives and mutuals have across all sectors of the economy, including retail, agriculture and financial services. No assessment has been made of the amount of tax paid by co-operative and mutual businesses, but I note that the report last year from the all-party group for mutuals found that mutuals generate over £130 billion to benefit the wider economy each year.

    CO-OPERATIVE AND MUTUAL BUSINESSES: TAX CONTRIBUTION · 2020-02-11 · READ IN HANSARD

  22. Yes, I will. There are 7,000 co-ops across the United Kingdom, employing nearly a quarter of a million people. I have had numerous meetings over the past two years with representatives of co-ops and mutuals, and we had a mutuals workshop last July. I am very happy to meet the hon. Gentleman to discuss the recent Manchester mutuals report and to see what we can do together.

    CO-OPERATIVE AND MUTUAL BUSINESSES: TAX CONTRIBUTION · 2020-02-11 · READ IN HANSARD

  23. I always listen very carefully to what my hon. Friend says. I think the best way forward would be for me to meet him to discuss his specific proposals and see what can be done.

    CO-OPERATIVE AND MUTUAL BUSINESSES: TAX CONTRIBUTION · 2020-02-11 · READ IN HANSARD

  24. I thank my right hon. Friend for his comments, and I am very pleased that the breathing space scheme is moving forward. We published the impact assessment last week, and 700,000 people will benefit from the scheme next year when it comes into force. That number will rise to 1 million in the following year. [Official Report, 24 February 2020, Vol. 672, c. 2MC.]

    TOPICAL QUESTIONS · 2020-02-11 · READ IN HANSARD

  25. The current bilateral relationship is not the one that we want. We remain open to a different and co-operative relationship, but that depends on Russia stopping its destabilising activity, which threatens the UK and its allies. We engage with Russia on a guarded basis, defending UK national security where necessary, while ensuring that we address the global security issues of the day. The Government believe that maintaining asset freezes against Lugovoy and Kovtun is an appropriate and proportionate measure, and that not doing so would run counter to the national interest. I hope that colleagues will join me in supporting the order, which I commend to the Committee.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  26. Continued close co-ordination is a vital part of our joint effort in countering the Russian threat. Were we not to maintain asset freezes against Lugovoy and Kovtun, we would risk sending a damaging signal that the consequences of murder in the UK are limited and time-bound if someone chooses to evade the UK justice system by remaining overseas. Not to maintain asset freezes against these individuals would likely be perceived as the UK softening its stance towards Russia. Furthermore, it would risk signalling to the Russian state that the UK is looking to normalise relations. That would be contrary to and directly undermining of Her Majesty’s Government’s consistent message that there can be no change in UK-Russia relations until Russia desists from attacks that undermine international treaties and security.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  27. The relevant conditions, as set out at section 4 of the Act, are still being met: the Treasury reasonably believes that action constituting a threat to the life or property of one or more nationals of the UK or residents of the UK has been or is likely to be taken by a person or persons resident in a country or territory outside the UK. The freezing order is one of a limited number of measures available to the UK authorities to act directly against Lugovoy and Kovtun. We continue to believe that the freezing order acts as a deterrent and as a signal that the Government will not tolerate hostile acts on British soil and will take firm steps to defend our national security and the rule of law. The new order maintains a robust approach to Russia, and unity of approach with the US, which also sanctions these two individuals.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  28. This order, which I commend to the House, was therefore put in place to ensure that there was no gap in the freezing measures that have been enforced against Andrey Lugovoy and Dmitri Kovtun since 2016. Under section 8 of the Act, the duration of a freezing order is limited to two years. Since 2018, as required by section 7 of the Act, the Treasury has kept the order under review. In May 2019, the Treasury reviewed the facts of the case against the relevant statutory criteria and concluded that the criteria continued to be met in respect of both individuals. Prior to the expiry of the 2018 order, the Treasury reviewed the facts of the case again and decided to make a new order to maintain the asset freeze against these two individuals. The Treasury believes that making a new order is an appropriate and proportionate measure.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  29. The inquiry also concluded that there was a “strong probability” that Mr Litvinenko, an ex-KGB and ex-FSB officer and critic of the Russian Government, was murdered on the order of the FSB, the Russian domestic security service. The inquiry further concluded that the killing was “probably approved” by the then head of the FSB, Nikolai Patrushev, and the Russian President, Vladimir Putin. As part of its response to the gravity of those findings, in January 2016 the Treasury imposed an asset freeze on Lugovoy and Kovtun by making a freezing order under the Anti-terrorism, Crime and Security Act 2001. A second order was imposed in January 2018, which expired at the end of 18 January this year.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  30. I beg to move, That the Committee has considered the Andrey Lugovoy and Dmitri Kovtun Freezing Order 2020 (S.I. 2020, No. 36). May I say what a pleasure it is to serve under your chairmanship, Mr Robertson? The order was laid before the House on 17 January this year and came into force on 19 January. It has the effect of maintaining a freeze of any funds or assets that these two individuals hold in the UK or with any UK- incorporated entities, denying them access to the UK financial system and prohibiting UK persons from making funds available to them. The order was made because in 2016 an independent inquiry, chaired by Sir Robert Owen, concluded that Mr Alexander Litvinenko was deliberately poisoned in 2006 by Lugovoy and Kovtun through the use of polonium-210.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  31. He spoke about the need to bring and ensure continuing clarity and lack of ambiguity, and for the Government to be open and transparent in this area. Those codes are the responsibility of the Home Office, but I am sure they will have noted the points that he made. The hon. Member for Glenrothes spoke about wider issues involving the Intelligence and Security Committee and its report into Russia. That Committee will be constituted in the very near future; it is not for the Government to tell the Committee when to publish its reports, but it would be good to get these matters into the public domain.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  32. I am grateful to Members from across the Committee for their support for the new order. I will come to address the points made, but we should focus on the key point here. Absent any progress in bringing Lugovoy and Kovtun to justice, denying them access to the UK financial system, in combination with the European arrest warrants and the Interpol red notices that remain in place against them, continues to send a clear signal about how fundamentally we disapprove of the actions that they took, which led to Mr Litvinenko’s death. The hon. Member for Bootle, perfectly reasonably and appropriately, made some points about the review of the codes of practice and ensuring that they are up to date with various pieces of legislation.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  33. I think the Government have made their position clear. It will be for the new Committee, once constituted, to determine the timings. My hon. Friend the Member for Congleton made some points about the mechanics of how the asset freezing process works and the definition of those assets. It would probably be appropriate for me to write to her on that matter, because that is a technical process that I am not privy to this afternoon, and it would be difficult for me to give her satisfaction.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  34. The hon. Gentleman will be well aware that those matters are broader than what we are discussing this afternoon. I certainly recognise the Government’s commitment to legislating in this area, and I know that the matter is under urgent consideration. I cannot offer any more comments on that at this point in time. The prevalence of the use of unexplained wealth orders is an operational matter that I am not able to comment on. I am aware from previous conversations in the House, possibly with the hon. Gentleman, about the frustration that exists in this area, part of which is about establishing a precedent and a legal basis of confidence for moving forward with those matters, but I am not able to offer him more on that at this point.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  35. I am certainly very happy to look at that matter and write to my hon. Friend with clarification as soon as possible. I have responded to the questions as best I can; I recognise that I have not given total satisfaction to everyone, but I hope that the reason and rationale for this order are clear. The Treasury continues to believe that the conditions set out in the Anti-terrorism, Crime and Security Act 2001 for making this order remain satisfied, and I commend the order to the Committee. Question put and agreed to.

    ANDREY LUGVOY AND DMITRI KOVTUN FREEZING ORDER 2020 · 2020-02-10 · READ IN HANSARD

  36. I turn now to some of the points made by hon. Members throughout the debate this afternoon. The hon. Member for Gower (Tonia Antoniazzi), who is no longer in her place, asked whether all reviews should be tested against Sir Ross’s methodology. I will just say this: I think that all banks have a responsibility to reflect on the findings of the Cranston review and consider whether their own redress schemes achieved fair and reasonable outcomes for customers. Obviously, people have different interpretations, but the Cranston review is a wake-up call to banks to examine whether the appropriate transparent processes have been followed. That should happen now.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  37. Either way, it is pretty clear to me that these cases must be considered by an independent body in a transparent manner. There has been work on this issue by the APPG, with support from Heather Buchanan, who was mentioned earlier, and the SME Alliance. I also know that Sir Ross Cranston himself is engaged in this process, which must continue, and must be thorough and rigorous. Sir Ross has also recommended that Lloyds make payments to cover the debts of customers who repaid or refinanced loans, as well as releasing customers from certain aspects of their settlement agreements. It is vital that Lloyds now implements the recommendations as quickly as possible and continues to support customers as they navigate this process. I will follow progress closely and I expect to be regularly updated; I have made that clear.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  38. Nevertheless, the overriding conclusions were hugely disappointing, and Sir Ross has made it clear that Lloyds has more work to do to achieve the stated aims of its original compensation scheme. The most substantial of Sir Ross’s recommendations is that customer claims for direct and consequential loss must be reassessed, and Lloyds is working with customers and relevant parties to agree the details of this process. I know that representatives of Lloyds have been mentioned in this debate, and I have been given assurances that they are eager to get on with things. That could be through the new Business Banking Resolution Service, which has been referred to in today’s debate, or through an equivalent scheme that is committed to achieving the same rigorous outcomes.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  39. Sir Ross found that the Griggs compensation scheme had serious shortcomings, as has been expressed fully in this debate, and that it did not achieve the stated purpose of delivering fair and reasonable compensation offers. Assessments of direct and consequential loss were too adversarial and legalistic, which was unfair and unreasonable for the customers it was designed to support. Sir Ross also found several other inconsistencies, along with a general lack of clarity underpinning the scheme, while the bank’s failure to communicate with customers in a transparent manner caused further unnecessary confusion. Sir Ross found that some elements of the compensation scheme were good. For example, Lloyds provided generous legal assistance and wrote off some customer debts, as well as paying substantial distress and inconvenience redress.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  40. From the outset, I was clear that if the findings of the review were to hold up to scrutiny, the person overseeing it must be truly independent. I was therefore delighted by the appointment of Sir Ross Cranston, a former Labour Member of Parliament who was Solicitor General between 1998 and 2001 and is a professor of law at the London School of Economics, a Queen’s counsel, and a retired High Court judge. I met him on two occasions to check on progress, between May and when purdah commenced. That was not to influence him regarding the particular conduct, but to encourage him to look at this issue as thoroughly as possible.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  41. It is a pleasure to serve under your chairmanship again, Mr Hollobone. I, too, pay tribute to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake). Obviously, in this role, I have shadow Ministers shadowing my every move, but I also have my hon. Friend, who has spoken up very effectively on these issues over the past 25 months. We have had a constructive dialogue on many matters, and I look forward to addressing the points he and others have made in my response. It has been just over a year since I announced that Lloyds would commission a review into the Griggs compensation scheme, which is another stepping stone in Lloyds’ journey to right the wrongs of the past and rebuild trust with their business customers.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  42. I will just make my next point, then I will give way to my hon. Friend. My hon. Friend the Member for Thirsk and Malton asked about the appropriateness of the Financial Conduct Authority carrying out a review under the senior managers and certification regime. As he will know, the FCA is operationally independent of Government and it is for the FCA to consider whether there is sufficient evidence for such an investigation. I know that we have spoken previously about Dame Linda Dobbs’s investigation, which has been ongoing for a considerable amount of time. That really needs to come to a conclusion; we need to see the results of that investigation. However, I cannot say more than that, because it is a matter for the FCA to consider. Now I am very happy to give way to my hon. Friend the Member for Beckenham (Bob Stewart).

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  43. The wider banking industry has a responsibility to reflect on the review’s findings and act accordingly, so I welcome the banking industry’s commitment to creating a new scheme to address unresolved historic complaints from small and medium-sized enterprises that have not been through a formal independent process, and to address future complaints made by slightly larger SMEs that are just outside the remit of the Financial Ombudsman Service.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  44. My hon. Friend makes a powerful point, which goes to the core of this matter. The Cranston review points to the fact that we now have a higher bar of expectations in terms of how these redress schemes should be operated in a transparent way. He has spoken in this debate and previously about the distress that has been caused to his constituents, and many other Members have also made points during this debate.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  45. I am confident that we can continue to build on the good work that industry, small business representatives, regulators and Government have begun to rebuild trust, so that small businesses can access the finance they need to prosper and grow.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  46. I will conclude by saying that over the past year Sir Ross has taken considerable time to discuss sensitive and often distressing matters with customers; he has had 49 meetings with 62 customers, alongside his adopting a detailed and forensic approach to the cases he has reviewed, so I thank him for his efforts. I welcome the commitment of Lloyds to implementing the recommendations of the Cranston review, and I will follow progress closely. I note the points made by the hon. Member for Glasgow Central (Alison Thewliss) and others, and I will reflect on them carefully. The establishment of the Business Banking Resolution Service provides a further means of redress, and I look forward to seeing it bring closure to many long-running disputes.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  47. The BBRS and the expansion of the FOS build on several initiatives that the Government have introduced, including the senior managers certification regime, which will hold key individuals at banks to account for the decisions that they make, including decisions that could impact on their SME customers. The industry has also made changes. For example, all major lenders are signatories of the standards of lending practice, ensuring that banks treat their customers in a fair and reasonable way. I hope that these steps, together with the work carried out this year to address historic SME disputes, will bring unresolved disputes to a close and prevent the same circumstances from occurring again.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  48. I will in a moment. The aforementioned Business Banking Resolution Service opened to expressions of interest last November, ahead of its full launch later this year. Meanwhile, the expansion of the FOS last April means that over 99% of all SMEs now have access to fair, free and fast dispute resolution. The hon. Member for Strangford (Jim Shannon) asked me to give way; I am happy to do so, but I want to refer to the points that he made. He referred to the eligibility of the BBRS. It is not for me to determine the eligibility of the BBRS, but his points about the prioritisation of cases will have been heard very clearly by those who have set up that service, and I urge the BBRS to reflect on his contribution to this debate.

    LLOYDS, HBOS AND THE CRANSTON REVIEW · 2020-02-04 · READ IN HANSARD

  49. I hope that the whole Committee will join me in thanking the public works loan commissioners—often ex-finance officers of local authorities—for the services they render, entirely voluntarily, for the benefit of the citizens of this country. I commend the instrument to the Committee.

    DRAFT PUBLIC BODIES (ABOLITION OF PUBLIC WORKS LOAN COMMISSIONERS) ORDER 2019 · 2020-02-03 · READ IN HANSARD

  50. This draft instrument will place that vital lending function on a more secure footing, so that we continue to provide a foundation for local authorities to commit to value-for-money long-term capital investment initiatives, and so reinforce the Government’s vision for levelling up. As is usual for this type of legislation, the draft order has been put before the Secondary Legislation Scrutiny Committee, the Joint Committee on Statutory Instruments and the Treasury Committee for scrutiny. I met the Chair-elect of the Treasury Committee to inform him of this statutory instrument debate. None of the Committees requested the enhanced scrutiny procedure available under the Act.

    DRAFT PUBLIC BODIES (ABOLITION OF PUBLIC WORKS LOAN COMMISSIONERS) ORDER 2019 · 2020-02-03 · READ IN HANSARD