Statements

APPG Statement on the Supreme Court Judgement - Sevilleja v Marex Financial Ltd

The All Party Parliamentary Group on Fair Business Banking welcomes the release today of the Supreme Court’s judgment in Sevilleja (Respondent) v Marex Financial Ltd (Appellant) [2020] UKSC 31. The judgment is the first time the ‘rule against reflective loss’ has been considered at this level in 20 years.  Because of its public importance, the APPG applied for and was granted permission to make written and oral submissions, to provide evidence from its experience that the rule should be applied flexibly to avoid causing injustice to business owners and victims of fraud. The Supreme Court’s judgment has unanimously changed the previous understanding of the law, holding
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The current position of lenders regarding new Bounce Bank Loan Scheme (BBLS) applications from new customers

Statement from the All-Party Parliamentary Group on Fair Business Banking  Tens of thousands of businesses left without access to finance Tens of thousands of businesses at risk of going bust due to lack of availability of the government’s flagship Bounce Back Loans according to the APPG on Fair Business Banking Although a million loans have been provided through the scheme, those businesses who have been encouraged to move to other Fintech firms and ‘non-bank lenders’ now can’t access loans as their finance providers do not have access to the Term Funding Scheme (TFS), which the Bank of England uses to
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Full loan payment holidays needed for business customers

The APPG on Fair Business Banking is calling on The FCA and UK lenders to introduce and proactively offer full 6-month payment holidays on commercial loans for business customers affected by the Covid-19 crisis. Since March, customers with regulated residential mortgages who have been impacted by the pandemic have been able to obtain 3-month, full payment holidays with no adverse effect on their credit rating. Only this week it was announced that payment holidays could be extended until the end of October if necessary. Currently lenders are offering holidays on the capital element, but this is usually a relatively small
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Statement on the APPG recommendation to the Governments in relation to the Covid – 19 financial support measures

With the revised CBILS process underway, it is critical that the focus quite rightly remains on those that are unable to access CBILS via the existing providers, and on ensuring that the processes and eligibility criteria are straightforward and speedy. According to figures released by City AM last night, there have been 309,000 CBILS applications, and only 2,022 approvals worth a combined value of 291.9m. This represents an approval rate of just 0.65%–down from 0.73% when the scheme launched–an average loan size of £144,362, and less than 10% of the scheme funds. We feel it is important to also know
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Statement on the Governments updated finance support package for UK businesses

Following concerns raised by the APPG and others, The Chancellor, Rishi Sunak, has made welcome, rapid and significant improvements to the new Coronavirus Business Loans Interruption Scheme (CBILS). As we wanted, banks will now arrange these loans as the default option, rather than first trying to arrange standard commercial loans and these loans that can range from £5k to £5m will now be available to any SME whose business has been affected by the virus outbreak. The requirement for a personal guarantee has also been dropped for loans under £250k and for loans over that amount a personal guarantee of
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Support our work

As the APPG gains yet more traction, it is imperative that we are able to raise sponsorship to build on our already substantial progress. To that end, we are inviting donations to support our work. Please find below a link for donations, which can be ‘one off’ or on a monthly basis. We recommend a minimum donation of £250 per annum.

Any donations will be recorded publicly in our register of interests.