The government is to ask the Financial Conduct Authority to explain why it cannot publish its agreement with the British Bankers Association on how the review of mis-sold complex loans was conducted.

The government is to ask the Financial Conduct Authority to explain why it cannot publish its agreement with the British Bankers Association on how the review of mis-sold complex loans was conducted. Economic Secretary Andrea Leadsom told MPs in a Commons debate said she would ask the FCA why the agreement should remain confidential. The minister said banks had now agreed that when selling ??embedded swap?? fixed rate loans not covered by regulation they would, in future, ??ensure break costs are fully explained and worked examples are provided??. Guto Bebb MP, who has led the parliamentary campaign ion the issues, said confidence in the independent reviewers appointed by banks had been ??tarnished?? by whistleblowing revelations of pressure by banks on decisions, and claims by KPMG of ??no contact whatsoever?? with RBS staff were clearly wrong.

Loading article content