Clydesdale Bank and SMEs
Debate between John Glen and Paul Masterton(5 years, 1 month ago)
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John Glen
I have listened carefully to the hon. Gentleman a number of times. As I have said to him previously, we need an effective mechanism that small businesses can get reliable and efficient access to and answers from. I have seen the investment that has gone into the expanded provisions of the ombudsman service. I know that he is not convinced, but this matter is not set in stone forever. Obviously the service needs to deliver. In my conversations with the chief executive of the ombudsman service, as in my conversations with UK Finance and the chief executive of every bank, I have said that this is the top priority in this area of my portfolio.
Paul Masterton (East Renfrewshire) (Con)
Thank you, Mr Speaker, for granting this urgent question. I have met too many individuals in my constituency who ran serious, sensible businesses and were a model in their borrowing but whose lives have been ruined by the behaviour of unscrupulous banks. Thank you for giving us the opportunity to air this on the Floor of the House.
I understand from my constituent Ian Lightbody that, despite the tireless efforts of him and his CYBG Remediation Support Group, they have not had the courtesy of a response from the CEO and chairman of CYBG, which sums up the complete contempt and disregard of Clydesdale Bank’s senior management for small business owners. Will the Minister join me in demanding that the bank, as a first step, shows some courtesy to these individuals and at least engages with them?
Oral Answers to Questions
Debate between John Glen and Paul Masterton(5 years, 7 months ago)
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Paul Masterton (East Renfrewshire) (Con)
The Economic Secretary to the Treasury saw at first hand when he visited East Renfrewshire a couple of weeks ago how small businesses are utilising FinTech to become more efficient and agile. What are the Government doing to help more small and medium-sized enterprises, such as First Floors in Giffnock, which he visited, to understand and take advantage of the opportunities FinTech presents?
John Glen
My hon. Friend is absolutely right. It was a privilege to meet David Hepburn at First Floors and see the value of new products. The Government are committed to stimulating more investment in FinTech, and it was a privilege to visit FinTech Scotland, which is doing a lot, too. We have invested a considerable amount to increase the numbers of people who are taking this step to innovate in finance, and with open banking we will see more.