Challenge Banks


Give Small Firms an Ombudsman to Challenge Banks

FCA Chief Executive Andrew Bailey has calling on politicians to set up a new independent process to deal with disputes between banks and small firms following the growing row over how banks treat small firms, according to The Mail On Sunday. The Financial Ombudsman Service was set up to focus on individuals, but firms now need more support. Bailey, they say, states that there is a gap in regulation, and it seems some tory MPs and members of the Treasury Select Committee would agree. The alternative view from the All-Party Parliamentary Group for Fair Business Banking prefers the idea of tribunals, but there is common ground in the idea that banks should be held to account through an independent process.