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Responding to plans announced by the Financial Conduct Authority (FCA) today to extend access to the Financial Ombudsman Service to more small and medium-sized enterprises (SMEs), Stephen Pegge, Managing Director, Commercial Finance, UK Finance said:
We support the FCA's announcement today to allow more SMEs greater access to the Financial Ombudsman Service and we have been working with the government and regulators to develop these important reforms.
We acknowledge that where complaints go unresolved or cannot be dealt with by internal procedures, further changes may be needed. This is why the industry has commissioned an independent review of the dispute and ADR landscape led by Simon Walker CBE, to provide an in-depth analysis of the scale and complexity of banking complaints from SMEs.
This will include robust recommendations and practical solutions to address these issues and ensure fairer outcomes for SMEs. The findings of the review are expected to be published later this month.
<ol><li> UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association</li> <li>In March 2018, UK Finance <u><a href="https://ukf.delta-xray.co.uk/simon-walker-cbe-appointed-independent-cha…; an independent review into the complaints and alternative dispute resolution (ADR) landscape for the UK?s SME market, chaired by Simon Walker OBE. The findings of the review are expected to be published later this month.</li> </ol>
29.03.18
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