Open letter between HM Treasury and the All-Party Parliamentary Group on Fair Business Banking, December 2018
The Economic Secretary to the Treasury has written to Kevin Hollinrake MP, co-chair of the APPG on Fair Business Banking, setting out the government鈥檚 position on financial services dispute resolution for SMEs.
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At the recent Budget the Chancellor outlined the government鈥檚 support for the FCA鈥檚 plans to increase eligibility for the Financial Ombudsman Service to SMEs with a turnover of up to 拢6.5m, and set out an expectation that the banking industry would respond to the independent Walker Review鈥檚 recommendations by the end of November. UK Finance published the industry鈥檚 response on Friday 30 November, and the Economic Secretary to the Treasury has written to Kevin Hollinrake MP to set out the government鈥檚 approach to SME dispute resolution in more detail.