Bank Services: Misrepresentation

Treasury written question – answered on 18th April 2018.

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Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton

To ask Mr Chancellor of the Exchequer, with reference to the Financial Conduct Authority's (FCA's) Final Notice on the mis-selling by Vanquis Bank of its repayment option plan, whether other banks are being investigated by the FCA for potentially mis-selling similar products.

Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton

To ask Mr Chancellor of the Exchequer, whether he is aware of any potential cases of banks mis-selling debt (a) waiver and (b) freeze products on a scale similar to that of Vanquis Bank.

Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton

To ask Mr Chancellor of the Exchequer, whether (a) he and (b) the Financial Conduct Authority plan to investigate the potential mis-selling of debt waiver or debt freeze products by other banks similar to those produced by Vanquis Bank.

Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton

To ask Mr Chancellor of the Exchequer, with reference to the Financial Conduct Authority's Final Notice on Vanquis Bank, what assessment (a) he and (b) the FCA have made of the potential merits of updating the Financial Services Authority and Office of Fair Trading's 2013 joint guidance on the conduct of firms selling and administering payment protection products.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

This is an operational matter for the Financial Conduct Authority (FCA) as the regulator of consumer credit, who are operationally independent from Government. The questions have been passed on to the FCA.

For legal and public interest reasons, the FCA do not generally disclose publicly whether or not they are taking action against a regulated firm, an insurer or an individual person.

The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.

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