Members of the House of Lords with Links and/or Financial Interests in CBILS, CLBILS, BBL and Recovery Loan Lenders

Today I will be naming many Members of the House of Lords that have financial links with each of the accredited lenders that are part of the many Government back loan schemes. I will also be naming others that have direct links with the British Business Bank and other organisations associated with those schemes that may raise an eyebrow.

Call Now

Being Members of the House of Lords, they could have stood up and demanded changes when any of the CBILS, CLBILS, BBLs and now the Recovery Loan Scheme lenders they were associated with pulled any of the stunts I will also be highlighting below.

I will start by listing the banks/lenders, and other organisations that were linked to those schemes and any related problems SMEs experienced with them and will then list the Lords and the occasional Baroness, Earl and Duke with links to those banks/lenders and organisations.

Feel free to look through this entire list, and ask yourself why for example Philip Hammond (Lord Hammond of Runnymede) the ex-Chancellor of the Exchequer has not “advised” Oak North to lower their £500,000 minimum Recovery Loan Scheme lending requirement to a much lower amount, so many of the small business owners he said, when Chancellor, he cares so much about, could apply for one of those loans with that bank at which he is a Non-executive Director. This is what he said when Chancellor:

“Problematic Lenders”

Many of the Members of the House of Lords listed below have a financial interest (or did) in the following banks/lenders that were part of the Bounce Back Loan and/or CBILS, CLBILS and/or now the Recovery Loan Scheme.

For some context here are those banks/lenders listed below along with just a few of the many “stunts” they pulled during the lifetime of some of those schemes, and any additional information.

Lloyds Bank – Did not open up to new customers

Metro Bank – Approved then declined BBL applicants (snatched back funds too)

Barclays Bank – Made up non existent rules and slammed the door on new customers.

Oak North – Recovery Loan Lender with £500,000 minimum loan requirement.

Santander – Never opened up to new customers.

Close Brothers – Only offered Bounce Back Loans to their own customers

NatWest – Closed customers accounts often snatching back Bounce Back Loans

Other Bank/Lenders and Businesses Mentioned Below

Goldman Sachs – Invested in Starling Bank

Ferrari NV – The car that many journalists said many BBL recipients bought with their money

Atom Bank – CBILS lender, never offered Bounce Back Loans

Secure Trust Bank – One of the first Recovery Loan Lenders accredited

Banking Competition Remedies Ltd

Established to oversee delivery of Alternative Remedies Package designed by HM Treasury and agreed with European Commission in respect of Royal Bank of Scotland’s outstanding commitment under its State Aid obligations.

Tide was awarded £25m from BCR. Tide were a Bounce Back Loan Lender that ran out of money, let 10,000’s of their customers down for one of those loans and all along remained accredited even when they ran out of money by the British Business Bank.

KPMG

KPMG Commissioned by the British Business Bank to Audit some Bounce Back Loan Lenders.

British Business Bank

Currently under investigation as part of the National Audit Office investigation into the Greensill affair.

Lord Agnew of Oulton

Shareholdings:

Close Brothers Group plc

Lord Blackwell

Directorships:

Non-executive Chairman, Lloyds Banking Group plc and its subsidiaries: Lloyds Bank plc; HBOS plc; Bank of Scotland plc (interest ceased 1 January 2021)

Shareholdings:

Lloyds Banking Group plc

Lords Bridges of Headley

Remunerated employment, office, profession etc:

Senior Adviser to the Group Executive Chairman, Banco Santander

Member:

KPMG

Shareholdings

Banco Santander SA

Lord Burns

Remunerated employment, office, profession etc:

Senior Adviser, Banco Santander SA

Lord Cromwell

Directorships:

Executive Chair, Banking Competition Remedies Ltd (established to oversee delivery of Alternative Remedies Package designed by HM Treasury and agreed with European Commission in respect of Royal Bank of Scotland’s outstanding commitment under its State Aid obligations) (interest ceased 30 Sept 2020)

Shareholdings:

HSBC Holdings plc

Lords Evans of Weardale

Shareholdings:

HSBC Holdings plc (interest ceased 1 September 2020)

Lord Farmer

Shareholdings:

Lloyds Banking Group plc

Royal Bank of Scotland Group plc

Barclay’s plc

Lord Flight

Shareholdings:

Metro Bank plc

Lord Forsyth of Drumlean

Directorships:

Chairman and non-executive Director, Secure Trust Bank plc

Shareholdings:

Secure Trust Bank plc

Baroness Fritchie

Non-financial interests:

Chair, Lloyds Bank Foundation

Member of Stakeholder Panel on Responsible Business, Lloyds Bank Group (interest ceased 1 September 2020)

Lord Gadhia

Remunerated employment, office, profession etc:

Lloyds Banking Group plc

Barclay’s plc

HSBC Holdings plc

Lord Glendonbrook

Shareholdings:

Royal Bank of Scotland Group plc

HSBC Hldgs plc ord $0.50

Lloyds Banking Group plc

Barclays Bank Structured Products 0% Warrant-Linked Securities 2021

HSBC Bank Structured Products 0% Equity-Linked Securities 2021

Barclays 1-5 Yr Gilt (fixed interest)

Royal Bk Scot Grp Ord Gbp0.25 (bank)

Lord Grabiner

Directorships:

Non-executive Director, Goldman Sachs International

Non-executive Director, Goldman Sachs International Bank

Shareholdings:

HSBC plc (interest ceased 6 April 2021)

Lord Hammond of Runnymede

Directorships:

Non-executive Director, Oak North International (UK) Ltd

Lord Hayward

Shareholdings:

HSBC plc

Lord Hodgson of Astley Abbotts

Shareholdings:

Lloyds Banking Group plc

Lord Kerr of Kinlochard

Shareholdings:

HSBC plc

Lord Lang of Monkton

Shareholdings:

Lloyds Bank plc (interest ceased 4 September 2020)

Lord Leigh of Hurley

Shareholdings

Lloyds Banking Group plc (interest ceased 14 August 2020)

Metro Bank plc (interest ceased 14 August 2020)

Lord Levene of Portsoken

Shareholdings:

Goldman Sachs

Ferrari NV

Earl of Lindsay

Remunerated employment, office, profession etc:

Independent Chair, Clear Bank Tide Business Banking Grant Implementation Steering Committee

Lord Lupton

Directorships:

Non-executive Director, Lloyds Banking Group plc

Chairman, Lloyds Bank Corporate Markets plc

Non-executive Director, Lloyds Bank plc

Non-executive Director, Bank of Scotland plc

Non-executive Director, HBOS plc

Shareholdings:

Royal Bank of Scotland plc

Lloyds Banking Group plc

Lord Mance

Shareholdings:

HSBC Holdings plc

Lloyds Banking Group plc

Lord Marland

Shareholdings:

Lloyds TSB

Lord Maude of Horsham

Remunerated employment, office, profession etc:

Member of Advisory Board, Oak North Bank

Lord Nash

Shareholdings:

Lloyds Bank plc

Baroness Neville-Rolfe

Directorships:

Non-executive Director, Secure Trust Bank plc

Baroness Noakes

Directorships:

Director, NatWest Group plc (formerly Royal Bank of Scotland Group plc) (interest ceased 31 July 2020)

Shareholdings:

HSBC Holdings plc

NatWest Group plc

Lloyds Banking Group plc

Lord O’Neill of Gatley

Shareholdings

Goldman Sachs Group Inc

Tide Holdings Limited

Atom Bank plc

Lord Pattern

Shareholdings:

HSBC plc

Lord Ponsonby of Shulbrede

Shareholdings

Barclay’s plc

Lloyds Banking Group plc

Lord Smith of Kelvin

Directorships

Chairman, British Business Bank plc (the member is also a Director of the following associated companies: British Business Finance Ltd and British Business Financial Services Ltd)

Lord Stern of Brentford

Remunerated employment, office, profession etc:

Climate Advisor, The Royal Bank of Scotland/NatWest group

Lord Suri

Shareholdings:

Lloyds Banking Group plc

Lord Turner of Ecchinswell

Remunerated employment, office, profession etc:

Adviser to the Board, Oak North

Lord Waldegrave of North Hill

Non-financial interests

Director and Trustee, Coutts Foundation

Duke of Wellington

Shareholdings

Lloyds Bank plc (interest ceased 21 July 2020)