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House of Commons Hansard
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Ministerial Corrections
04 February 2016
Volume 605

Ministerial Corrections

Thursday 4 February 2016

Treasury

Bank of England and Financial Services Bill [Lords]

The following is an extract from the Second Reading debate of the Bank of England and Financial Services Bill [Lords] on 1 February 2016.

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My right hon. Friend the Member for Cities of London and Westminster spoke up for his constituency. He mentioned a problem with interest rate swap claims running out of time, which I would like to take up with him on a separate occasion, if I may. I want to clarify that the power to appoint deputy governors is not the Governor’s alone; it is actually an appointment of the Queen, with the consent of the Chancellor.

[Official Report, 1 February 2016, Vol. 605, c. 699.]

Letter of Correction from Harriet Baldwin:

An error has been identified in my winding-up speech on the Second Reading of the Bank of England and Financial Services Bill [Lords] on 1 February 2016.

The correct response should have been:

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My right hon. Friend the Member for Cities of London and Westminster spoke up for his constituency. He mentioned a problem with interest rate swap claims running out of time, which I would like to take up with him on a separate occasion, if I may. I want to clarify that the power to appoint deputy governors is not the Governor’s alone; it is actually an appointment of the Queen, on the advice of the Chancellor.

Financial Conduct Authority

The following is an extract from the debate on the Financial Conduct Authority on 1 February 2016:

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The FCA has established a redress scheme for small businesses that were mis-sold interest rate hedging products to ensure that eligible businesses are compensated. So far the scheme has paid out on 18,000 cases, and more than £2 billion has been paid in redress, including £464 million to deal with consequential losses.

[Official Report, 1 February 2016, Vol. 605, c. 747.]

Letter of correction from Harriett Baldwin:

An error has been identified in my response to the debate on the Financial Conduct Authority.

The correct response should have been:

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The FCA has established a redress scheme for small businesses that were mis-sold interest rate hedging products to ensure that eligible businesses are compensated. So far banks have sent more than 18,000 determination letters, and more than £2 billion has been paid in redress, including £464 million to deal with consequential losses.