APPG on Fairer Business Banking Statement Updates
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)  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, holdingRead more
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 toRead more
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 ofRead more
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