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UK Finance, the trade body representing around 300 firms in the financial sector, has responded to the launch of a new inquiry into SME finance by the Treasury Committee.
Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said:
?SMEs play a key role in driving innovation, productivity, employment and economic growth across the UK which the finance sector is committed to supporting.
?The finance industry has undertaken a series of significant initiatives in recent years, improving both service and standards while also enhancing SMEs? access to finance, resulting in more than eight out of 10 SME applications for bank finance now being approved.
?UK Finance is also working with the regulator, parliamentary and business groups to ensure disputes between banks and SMEs can be resolved quickly and fairly where courts are not the most appropriate route.
?However, the industry knows that trust and confidence can be improved and we look forward to working closely with Treasury and BEIS committees to ensure SMEs continue to get the best possible deal, helping safeguard their future growth.?
Ends
Notes to Editor
Since 2010, several significant initiatives have been launched through the Business Taskforce to help SMEs with access to finance:
Leading banks confirmed support in July 2014 for the IFT Principles for Best Practice in UK Business Support Banking.
In July 2017, 20 banks signed up to the new Standards of Lending Practice that define the treatment and outcomes SME customers should expect including if in financial difficulty, as assessed by the Lending Standards Board. - UK Finance are working with the FCA, the All Party Parliamentary Group on Fair Business Banking and business groups to establish an independently chaired review of the alternative dispute resolution landscape to look at what, in addition to an extension of the coverage of the Financial Ombudsman Scheme, can help ensure disputes with SMEs are resolved where Courts are not the most appropriate route. - The authoritative SME Finance Monitor, supported by business groups, the government and the finance sector, has shown a significant improvement in access to finance for SMEs in recent years:
Since November 2016, SMEs making unsuccessful lending applications are referred to government-designated portals under the Platform Referrals Regulations. These platforms help match SMEs with alternative finance providers.
The Commercial Credit Data Sharing Scheme scheme (part of the Small Business Act 2015) makes it easier for new challenger banks and alternative finance providers to check credit worthiness of potential business customers. This is designed to improve the chances of these providers being able to provide finance to SMEs.
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