An All Party Parliamentary Group was set up by Conservative MP Guto Bebb specifically to address the issue of the mis selling of standalone swaps. APPGs consist of MPs who volunteer to help to deal with the issue.The present FCA review was implemented by the FCA in order to deal with this issue, forcing banks to acknowledge the mis selling of standalone swaps and to compensate affected businesses.
Please click here for a breakdown of the APPG membership :-
The issue of embedded swaps is not on the APPG's agenda due to the fact that our swaps are embedded and not standalone.
MPs highlighted in yellow have supported our campain by signing our Early Day Motion (EDM 874). An Early Day Motion is an opinion poll which MPs can sign in order to show their support for an issue.
As you can see, only 3 out of the total of 56 Conservative MPs have signed EDM 874, despite having receivied two emails from NCSG requesting them to do so.
NCSG believes that MPs who are members of the APPG should be just as concerned about the mis selling of embedded swaps in fixed rate loans as with the mis selling of swaps which are standalone, and that if they have committed themselves to joining an APPG, the least they could do is to add their signature to our EDM.