APPG on Fair Business Banking Statement Updates

Building our SME Manifesto: call to action

The All-Party Parliamentary Group on Fair Business Banking has begun the process of building an SME Manifesto. This document aims to address the significant challenges facing small and medium-sized enterprises (SMEs) in the areas of finance and dispute resolution. Key Focus Areas The manifesto aims to target two main areas: Access to Finance: It will focus on the need for greater diversity in financial services to address the funding gap faced by SMEs, for support for alternative lenders, adjustments in capital requirements, and initiatives like the Green Finance for SMEs scheme. Dispute Resolution: It will address the need for improved
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BBRS: Joint statement of the Transparency Task Force, APPG for Fair Business Banking, SME Alliance and Federation of Small Businesses

The Business Banking Resolution Service (‘BBRS’) has suffered a crisis of leadership and confidence, with the resignation of the Chair of the SME Liaison Panel established to represent the interests of small businesses who allege mistreatment by banks, followed by the allegedly ultra vires announcement by the BBRS that it intends to abolish the Panel he led. Antony Townsend, who Chairs the advisory Panel, yesterday announced his intention to step down, citing the inflexibility of some members of the BBRS’ leadership team to support changes to the scheme that might have allowed more SMEs to have their unresolved banking complaints
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Deadline of 13 December 2022 for IRHP complaints to the FCA

The APPG, supported by its legal team at Hausfeld & Co LLP, is advancing judicial review proceedings against the Financial Conduct Authority (FCA) in relation to the FCA’s response to the Swift Review into the interest rate hedging product compensation scheme (the “Scheme”).  As recorded in its board minutes dated 26 May 2022 (which can be found here), the FCA has resolved to determine any open or new complaints relating to the Scheme in accordance with the Swift Review, and to pro-actively revisit any complaint of SMEs that are/were deemed to be sophisticated, in light of the decision of the
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