FCA: Banks must treat small firms fairly
Editor | 29 July 2022
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The UK Financial Conduct Authority (FCA) has told lenders that they must improve their treatment of small and medium sized firms during the cost of living crisis.

The independent financial services regulator issued the warning after finding ‘repeated instances’ of poor practice among banks.

In a letter to banks, FCA Executive Director for Consumers and Competition Sheldon Mills said: “We were disappointed to find repeated instances of these customers not being treated fairly by banks when they’re struggling.”

Small businesses blocked out of bounce back loans scheme

Small businesses are struggling to access essential funding through a Government-backed loan scheme because lenders are blocking their applications. The Government-sponsored bounce back loans scheme was supposed to be a lifeline for businesses struggling to make it through the coronavirus pandemic, but reports suggest that many are struggling to get their hands on essential cash.