SME Alliance would like to comment on the reporting on the terms of the Dispute Resolution Scheme (DRS), which aims to create a mechanism for businesses mistreated by banks in the scheme to obtain redress without recourse to legal action.

SME Alliance would like to make it clear:

• Firstly, the Independent Steering Group, which has SME Alliance, the APPG on Fair Business Banking, the Federation of Small Business and seven banks as members, with UK Finance and HM Treasury as observers, has agreed the scheme will consider cases as far back as 2001 (not 2000 as reported);
• Secondly, other eligibility criteria is still in discussion. We hope the DRS will be in a position to release a statement in the next couple of weeks clarifying all of the eligibility criteria.

Nikki Turner, director of SME Alliance, says: “Clearly we will not be able to support a scheme that excludes the majority of our members and we are determined to continue to make sure any final scheme is beneficial and available to as many SMEs as possible. We feel positive progress is being made with all stakeholders but there is still a long way to go.”
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