By Paul Gair
The Treasury Committee (TC) published a report on SME Finance (the Report) on Friday setting out its position on the appropriate forums to handle disputes between SME and their banks.
The Report sets out the following key recommendations
- The creation of a Financial Services Tribunal;
- The extension of the regulatory perimeter to include commercial lending; and
- The creation of powers for the FCA to compel the creation of industry wide redress schemes for incorporated businesses affected by regulatory breaches.
The Report is broken into three sections: the SME finance market; misconduct & regulation; and redress.