Financial Services

Jim Shannon Excerpts

Wednesday 6th February 2013 Commons Chamber

[Greg Clark]

The hon. Gentleman makes an important point that will be considered by the commission, which is looking into the culture. It is important that banks recognise that they exist to serve their customers—that is their purpose and the reason why they operate. My recent experience of speaking to some bank boards leads me to believe that they recognise the commercial imperative for that, but he makes a suggestion that I am sure our colleagues will consider.

[Jim Shannon (Strangford) (DUP)]

I thank the Minister firmly for his statement. In particular, I thank him for the £35 million of fines imposed on the banks that will go directly to the armed forces community; £5 million will go to the Imperial War Museum. Will he confirm the criteria by which charity groups such as the Royal British Legion, the Army Benevolent Fund, SSAFA and Help the Heroes can qualify for financial assistance through the fines on the banks?

[Greg Clark]

As I said in my statement, we will make further announcements on the disbursement of the funds, but they have been earmarked and reserved for the military community.