MPs in the United Kingdom are launching an inquiry into how banks handle disagreements with smaller businesses. The Financial Conduct Authority (FCA) is to hold a public consultation on its proposals for dealing with disputes between small businesses and their banks. The inquiry will present ‘a suite of recommendations that can be adopted on a voluntary and statutory level’, MPs said. The groups will also examine the roles of the Small Business Commissioner and the Financial Ombudsman, and it has been suggested a Financial Tribunal may be created to deal with disputes.
MPs in the United Kingdom are launching an inquiry into how banks handle disagreements with smaller businesses. The Financial Conduct Authority (FCA) is to hold a public consultation on its proposals for dealing with disputes between small businesses and their banks. The groups will also examine the roles of the Small Business Commissioner and the Financial Ombudsman, and it has been suggested a Financial Tribunal may be created to deal with disputes.