City Minister Shies From Public Inquiry Into Business Lending

Law360, London (May 10, 2018, 10:22 PM BST) -- The U.K.’s City minister has rejected pleas from lawmakers for a full public inquiry into the banking sector’s treatment of small and midsized businesses, saying on Thursday the government needs to wait on the conclusions of multiple regulatory and industry probes on the same subject before deciding next steps.

John Glen, economic secretary to the Treasury, announced the government’s position during a backbench debate on the creation of an independent redress scheme for victims of banking misconduct and the role of the Financial Conduct Authority in handling the long-running investigation into Royal Bank of Scotland's controversial global restructuring group and similar...

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