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Responding to Simon Walker's SME Complaints and Resolution Review, Chief Executive of UK Finance Stephen Jones said:
Simon Walker's report provides a valuable contribution to the ongoing debate on how to ensure SMEs have the most appropriate access to dispute resolution options that are efficient and unbiased when they feel things have gone wrong in their relationship with their banks.
As this review acknowledges, a number of important changes have been made in the industry, but clearly there is more that can - and should - be done. UK Finance will now study the recommendations closely and work with banks, business representatives, the government and regulators to look at how best to take these forward to ensure fairer outcomes are delivered for SMEs.
<ol><li>The independent review was <a href="https://ukf.delta-xray.co.uk/simon-walker-cbe-appointed-independent-cha…; target="_blank">commissioned</a> by UK Finance in 2018, to provide an evidence-based, comprehensive analysis of the scale and complexity of banking complaints from SMEs. The review focuses on disputes between financial services providers (excluding insurance products) and small business customers that remain unresolved through the normal customer complaint procedure that may be unsuitable for court processes.</li> <li>A key objective of the ADR review, which was also referenced in <a href="https://www.fca.org.uk%2Fpublications%2Fpolicy-statements%2Fps18-21-sme… Financial Conduct Authority?s (FCA) consultation on SMEs</a> as users of financial services, will be to identify solutions that would be capable of producing fair outcomes for both SMEs and providers.</li> <li>The Chair of the Review was appointed by a diverse selection panel comprised of representatives from the Fair Business Banking and Finance APPG and the Federation of Small Businesses as well as the independent chairs of the UK Finance SME Advisory Group and the IFABL Standards Council. The selection panel for the Chair of the UK Finance ADR Review was made up of: <ul><li>Martin McTague, Policy Director for the Federation of Small Businesses</li> <li>Lucy Armstrong, Chair of the Alchemists, Independent Chair of the Invoice Finance and Asset Based Lendings Standards Board</li> <li>Heather Buchanan, Policy Director at the Fair Business Banking and Finance All Party Parliamentary Group (APPG)</li> <li>Teresa Graham, CBE OBE, Chair of UK Finance SME Advisory Group.</li> </ul></li> </ol>
29.03.18
16.11.18
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