British Banks Back SME Complaints
Posted 12th December 2018 in News For Businesses
British banks have agreed to give stronger powers to small-and-medium-sized enterprises (SMEs) wishing to complain about their lenders, in a bid to restore trust in the business banking sector among business owners.
Trade association UK Finance, representing approximately 300 financial service firms in the UK, recently accepted suggestions raised in an independent review last month. These suggestions include extending the powers of the Financial Ombudsman Service, as well as establishing a voluntarily scheme addressing unresolved complaints.
The agreement was praised by the British Chambers of Commerce and Confederation of British Industry (CBI), with chief UK policy director Matthew Fell commenting that the proposed changes were “steps in the right direction”.
“Whilst there remains much to be done, the banking industry’s response is building a platform for the future,” said Fell.
UK Finance chief executive Stephen Jones stated, “SMEs are essential to the success of our economy. It’s therefore vital that lessons are learned from incidents of poor treatment of SMEs by the banking industry and that future redress schemes are fit for purpose.”