Financial Conduct Authority Consultation On The Financial Services Industry And Smes

EDM number 1162 in 2017-19, proposed by Jim Shannon on 16/04/2018.
Categorised under the topics of Financial institutions, Financial services and Small businesses.

That this House recognises the progress of discussions on the financial services industry involving the Financial Conduct Authority (FCA), HM Treasury and small and medium-sized enterprises; welcomes the current FCA review and launch of the CP18-3 consultation paper following the backbench business debate on RBS Global Restructuring Group held on 18 January 2018; notes with special reference Q4 within the FCA Consultation (CP18-03) which asks about the date of coming into force for changes introducing small businesses as eligible complainants and such changes only applying to complaints made to a firm regarding acts or omissions of the firm which occur from 1 December 2018; further notes that the FCA has the powers and sets the rules on how the Ombudsman should handle complaints further; notes that the jurisdiction of that service is published as part of the FCA's handbook, in the section called Dispute Resolution (DISP) rules: complaints and that DISP 2.8.2 is found within Chapter 2; and asserts that the FCA must add with immediate effect a clause (C) stating that if the complainant brought their complaint to an hon. Member at any time from 1 September 2007 to 21 April 2018 and has a written acknowledgment or some other record of action on the complaint, from that hon. Member during that period, to ensure that the FCA cannot ignore past banking victims.

This motion has been signed by a total of 18 MPs.