Banks: Small Businesses

HM Treasury written question – answered on 23rd January 2018.

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Photo of Michael Fallon Michael Fallon Conservative, Sevenoaks

To ask Mr Chancellor of the Exchequer, whether he plans to establish an independent tribunal to act as a mandatory first dispute resolution mechanism between banks and small and medium-sized enterprises; and what representations he has received on such a tribunal since 2015.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government receives representations on a number of issues from both MPs, organisations and individuals.

The Financial Conduct Authority recently published its consultation on widening the remit of the Financial Ombudsman Service, and its feedback statement on its 2015 SME paper. The Government is considering those findings closely, and considering wider options being put forward on dispute resolution between small and medium-sized enterprises and banks.

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