The MP who is Vice Chairman of the All-Party Group campaigning on the subject spoke in the debate, which highlighted the slow progress of the redress scheme which is tasked with compensating those businesses mis-sold such products.
Guto Bebb, MP for Aberconwy and Chair of the group, used the debate to call upon the Financial Conduct Authority (FCA) to reassess their redress scheme in order to help struggling businesses across the country. And he called upon the banks to speed up the process where delays were causing unnecessary distress for mis-selling victims.
During the back bench business debate MPs welcomed the announcement from HSBC and RBS that they would be separating technical redress from the consequential loss and urged the other banks to follow their lead.
Steve Brine commented: "The All Party Parliamentary Group (APPG) on interest rate swap mis-selling identified months ago that refusing to separate technical redress from consequential loss was having a highly detrimental effect on these businesses. It is very welcome news that HSBC and RBS are making a step in the right direction, and we urge the other banks to follow their lead.
"It was a useful debate and allowed me to highlight the real issues this scandal continues to cause for businesses in my constituency who are unable to invest and grow until it is resolved."
Winchester businessman, Bill Haslam, who is leading the national campaign group Bully-Banks was among 500 affected customers who came to Westminster on the day of the debate. He added; "The real difference in our campaign for justice for many small businesses mis-sold these damaging products has been the engagement of MPs, I have turned from a sceptic in our democratic system to really appreciate how great it can be, seeing how hard working many of our MPs are for their constituents when there is a real issue.
"To see 120 MPs across all parties debate this issues and demand changes shows Parliament at its best, and MPs doing the job we elected them to do, Steve Brine has been incredibly supportive of not just us as a local business but the campaign in general acting as vice Chairman of the All Party Political Group on the issue, I am personally very grateful for all his time and support "
The Minister responding to the debate, Sajid Javid MP shared the disappointment felt at the lack of progress made under the FCA review but stressed that the Government was committed to addressing this issue.
He stated: "I want things to go further—I would like all the other banks to join the move announced by HSBC and RBS, and I shall be watching closely to see whether they do. That should help prevent any further undue distress for the businesses and give them much-needed cash-flow relief."
Pictured; Steve Brine with Winchester businessman Bill Haslam (right)