The APPG on Fair Business Banking and UK Finance are delighted to announce the formation of a Contracts Working Group. Led by Momentous Change Ltd, the Group will examine the contracts of participating financial institutions to ensure that they adhere to the principles outlined in the Lending Standards Board’s Standards of Lending Practice.
The Founding Director of Momentous Change Ltd, Michelle Thomson, will work alongside a steering committee with representatives from UK Finance, Lending Standards Board, Chartered Banker Institute, Federation of Small Businesses and SME Alliance to ensure that all interested parties are represented on this piece of work as it moves forward. The Group will also have support from independent legal experts, to be appointed in the near future.
The APPG and UK Finance have already secured participation from RBS, Lloyds, Barclays, HSBC, Santander, Clydesdale and Triodos Bank UK, and anticipate interest from further organisations.
Michelle Thomson said: “I am delighted to be able to continue supporting the APPG for Fair Business Banking. Having previously been a Vice-Chair and more recently an Ambassador, I have seen the group go from strength to strength over recent years. The APPG has been highly effective in highlighting historical banking issues and is now turning its attention to driving positive change for the future – a role Momentous Change Ltd is delighted to contribute to”.
UK Finance said: “Clear, understandable and fair contracts are the foundations of trust between SMEs and finance providers, allowing SME customers to compare offers and terms across providers. As strategic partners of The BankingFutures project, UK Finance welcomes the opportunity to work with the APPG Fair Business Banking, Lending Standards Board and other working group members on this review”.