The All Party Parliamentary Group (APPG) on Interest Rate Swap Mis-selling, along with directors of the campaign group Bully-Banks met on Wednesday with senior members of the FCA Whistleblowing team. As Vice-Chair of the APPG Mark Garnier MP was represented at the meeting.
The meeting was arranged in order to raise concerns on behalf of bank employees and independent contractors working on the FCA Redress Scheme who have felt unable to come forward and highlight instances of regulatory failure or misconduct which adversely affects interest rate swap mis-selling victims. There are numerous examples where such individuals have been willing to provide off the record examples of failure but have refused to officially provide such supporting evidence out of fear that their jobs or pensions may be put at risk.
The FCA Whistleblowing team explained that they would accept anonymised information and evidence in order that examples of misconduct could be investigated and urged individuals with such concerns to come forward. In the first instance individuals should contact the APPG through Mark Garnier's office on 01562746771 or [email protected].
Mark Garnier MP said, "The confidence to speak out is very important. From the NHS to the banks we are currently taking significant steps in ensuring that our institutions are held to account by those that know them best: their employees and contractors. In terms of Interest Rate Swap Mis-selling people need to be assured that their contributions are needed and will be treated in the utmost confidence. Depositions will make substantial difference to the way in which the redress scheme is completed."