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Financial Services: Tribunals

Treasury written question – answered on 18th October 2018.

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Photo of Chris Ruane Chris Ruane Shadow Minister (Wales)

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of establishing a financial services tribunal.

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

The Government recognises how important it is for small businesses to have access to the mechanisms they need to settle disputes fairly, should they ever need to make a complaint about their bank.

The Government welcomes the FCA’s policy statement on widening SMEs’ access to the Financial Ombudsman Service, as well as the work being conducted in this area by UK Finance and the All Party Parliamentary Group on Fair Business Banking, and will consider their conclusions this Autumn.

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