 Monday 11th March 2019 SME Alliance to Join Bank Dispute Resolution Steering Group SME Alliance, which supports business people in their disputes with banks, has accepted an invitation to join the steering group being established to deliver the Dispute Resolution Scheme (DRS), a finance industry funded interim voluntary scheme which will offer support to SMEs. The aim of the DRS is to provide a mechanism to compensate the more than 60,000 legacy cases SMEs have with banks and financial organisations. The DRS steering group is being chaired by Lewis Shand Smith, former Chief Ombudsman and Chief Executive of Ombudsman Services, who has invited both SME Alliance and the All-Party Parliamentary Group on Fair Business Banking to join the committee. The DRS is being funded by seven leading banks. While SME Alliance, and many of its members, would prefer a Government run dispute resolution process, it has decided to support the DRS, if it is properly set up and structured. Nikki Turner, director of SME Alliance said: “This is an opportunity to represent victims and create a mechanism that will resolve the tens of thousands of legacy cases. Many SME owners are unable to fight the banks through the courts for reasons including time barring and the expense of litigation, so this represents a real opportunity for them to secure a semblance of justice. We look forward to working with Lewis Shand-Smith, APPG co-chair Kevin Hollinrake MP and all key stakeholders to make this very important initiative work.” Nick Gould, chairman of SME Alliance, said: “'I'm pleased that the huge amount of effort by so many people connected with SME Alliance is continuing to pay off. Being part of such a key Committee will give us further influence in doing what we originally set out to do - obtain proper compensation for members and others whose lives and businesses were destroyed by certain corrupt bankers and certain of their corrupt advisors.” Kevin Hollinrake MP, chair of the APPG, said: “We are delighted that the voices and experiences of the victims will now be included in the design of both the historic and future schemes. I have no doubts that the insights SME Alliance are able to offer will lead to the creation of a better, more effective scheme that has the confidence of those who have suffered at the hands of our banks.” Ian Lightbody of the CYBG Remediation Support Group, added: “The newly formed CYBG Remediation Support Group, incorporating NAB Customer Support Group members, supports the SME Alliance’s participation with the Dispute Resolution Scheme. We stand with the APPG for Fair Business Banking’s position in that we will participate in the process if the ground rules are independent and fair. We are meeting with the committee chairman this week to discuss this.” SME Alliance was formed in September 2014 to support SMEs “battling against fraud, corruption and misconduct in the financial sector” and to lobby for the fair treatment of businesses by their banks and advisors.
8 Comments
Joan Keeley
3/11/2019 05:37:09 pm
Nick Mele
3/12/2019 01:38:24 pm
Hi Joan, 3/11/2019 06:57:00 pm
It is good to see that any progress is to be made. I only hope that it is realised that this all started before 2008, in my case in 1998!! It is very hard when people like me who have total proof that their company was NOT insolvent have to accept that RBS closed it without just reason, taking away the results of a lifetime’s hard work and dedication.
mike lloyd
3/12/2019 02:18:34 pm
As in Eric's case... we weren't insolvent . THe bank made us that way. when you have assets valued at £12.7m plus and owe the bank around £7.7m would have tought that we be safety .IRHP said not! liabiliites for that when we first discovered it.. we like many others had no knowledge of .. and then the draining of cash to the tune of £35k a month for 38 months and other fee's forced on us and then to cap it all exit fees of £949k... thanks for support..NOT!
colin jones
3/12/2019 02:54:18 pm
the original dispute resolution was geared to make smes spend all funds on solicitors to run firms and people into the ground and to accept as little as possible, it was a humiliating process and one sided to the banks with their endless supply of solicitors etc, we were lambs to the slaughter, gagging orders and other entrapment's, loss of credit lines and many other disabling financial positions the banks have created ie the opportunity to even get another business account with a high street bank!
Satvir sidhu
3/12/2019 05:34:49 pm
Very true Eric.
Satvir Sidhu
3/12/2019 05:29:37 pm
Very true Colin all you said and Mike.
Mark Routledge
3/13/2019 01:16:23 pm
Well said everyone , our journey started November 2000 and like everyone else was stitched up by the Clydesdale! Unfortunately they might see us off before justice is served .But Keep banging the drum as they have to be accountable . Leave a Reply. |
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