Toby Perkins
Main Page: Toby Perkins (Labour - Chesterfield)Department Debates - View all Toby Perkins's debates with the Department for Education
(9 years, 2 months ago)
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Matthew Hancock
We constantly review the scheme to ensure that we get the best possible deal. The majority of the enterprise finance guarantee goes through other banks, which, as far as we know, are performing impeccably. On the RBS aspect, we have met RBS to discuss that. It is reviewing the matter, and we will make sure that it works in the future. The big picture is that the scheme is working well and helping small firms to access finance.
Toby Perkins (Chesterfield) (Lab)
Following a year of my right hon. Friend the Member for Delyn (Mr Hanson) raising this issue, RBS has admitted that there has been mis-selling of the EFG scheme.
Rebuilding confidence in our banking sector will be one of the key tasks facing the next Labour Government. From interest rate swaps to tax evasion and now mis-selling of EFG loans, the Government have been slow to act and slow to investigate whether there are problems. Does the Minister now accept that only through investigating and repairing mis-selling in Britain’s high street banks will confidence in the sector return?
Matthew Hancock
The hon. Gentleman has a bit of a cheek, because the investigation required, and the sorting out of confidence in banks, was an enormous issue that we had to take on in 2010. We have regulated and passed legislation throughout this Parliament to ensure that there is more confidence in the banking industry. Of course, there is more to do, but considering how far we have come over the last five years, the hon. Gentleman ought to be saying we have done a good job and be helping us to do that.