​Please find below the reaction to the FCA’s decision to fine Lloyds Banking Group subsidiary Bank of Scotland £45 million for failures over the HBOS Reading scandal, Nikki Turner on behalf of SME Alliance, said:

“Justice delayed is justice denied, so for victims who lost their businesses, livelihoods and, in some cases families, because of the craven, unrestricted behaviour of HBOS bankers, action coming over a decade after the event is the ultimate insult. The only bankers banned are those who’d never work in the industry again, while their bosses get off scott free and the bank is fined what is little more than small change.

 “It is also insulting that Lloyds receives a discount for being a ‘good boy’. How does this help the victims in any way. We demand that the £45 million fine is put into a fund to help those who have suffered, many of whom have been denied compensation, or forced into accepting derisory pay-outs, by Lloyds.

“When is the FCA going to investigate, or even acknowledge, the cover up by HBOS senior executives, the lies and the obstruction going right to the top of the bank? When are they going to show they are on the side of the customer rather than the banker?”

SME Alliance has become aware of attempt to challenge the integrity of Kevin Hollinrake MP, co-chair of the APPG on Fair Business Bank. Please find below a Statement from Nikki Turner, director of SME Alliance:


“Kevin Hollinrake MP has been a tireless supporter of SMEs in their fight against the banks, drawing on his own experience as an entrepreneur whose business thrived despite issues with some of its lenders. Kevin declared his interest to the Chairman of the Independent Steering Group of the Dispute Resolution Scheme in March 2019, when the APPG was invited to join the discussions to create the DRS and in Parliament. He has repeatedly said he would donate his share of any compensation received to either the APPG or a nominated charity. The SME Alliance supports Kevin 100% and would see any attempt to undermine Kevin as bad faith by those who supposedly support this initiative.
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“It is very disappointing that any of the contributors to the DRS who to date, have demonstrated an encouraging willingness to work together to find a resolution for the impasse between SMEs and lenders in dispute, would attempt to malign any member of the ISG, which in turn, threatens to destabilise such a worthy cause. ”

Nikki Turner, director of SME Alliance, says: “The Financial Conduct Authority has found that if the current regulatory regime was in place when RBS was sending thousands of small businesses to the wall, then they would have had the ‘jurisdiction’ to take action against the senior management of the bank. Based on the report’s findings we would point out that the FCA can still make a decision under its Principle for Business as to whether the senior management were fit and proper persons for the jobs. We therefore call for all of those who were in charge of RBS at the time – notably current RBS CEO Ross McEwan and his predecessor Stephen Hester – to immediately resign from their present roles and not be allowed to hold senior positions in financial services.
 
“While the regulatory regime has been tightened up through the introduction of the Senior Managers & Certification Regime, the protection afforded to small and medium sized businesses, which are the bedrock of the UK economy, in their dealings with banks is still woefully inadequate and we call on the Government to urgently review whether they want entrepreneurs to feel that they can safely borrow to grow their companies.
 
“Yet again, we are deeply disappointed that the regulator, having found ‘that some aspects of customers’ inappropriate treatment were systematic’, and that ‘Some customers lost everything’, seems to have concluded none of RBS, its staff or its senior management could or should be held accountable in any way. It begs the question of why the FCA started an investigation or produced a report at all when the only real beneficiaries will have been the authors?"

Dear Members,

The Dobbs Review Team are doing a FINAL CALL for Witnesses.
They have posted a message on their website...
dobbsreview.com/Home/Message
Their deadline is 18th April 2019.

Please watch the video and get in contact with them to share your experiences / evidence.

Best,
Nick Mele.

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.” 
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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. 

​SME Alliance, which supports business people in their disputes with banks, today called for the UK Government to come clean over accusations that it had day-to-day involvement and "strategic" control over RBS’s Global Restructuring Group (GRG) through the Asset Protection Agency. If it is proven that it did exert control, then the UK Government should compensate businesses ruined by the nefarious practices of the infamous GRG unit.
 
Said Nikki Turner, director SME Alliance, said: “SME Alliance was formed specifically because the abuse of SMEs by the financial sector was so blatantly obvious and so blatantly ignored by those who should have supported the sector. We realised we would have to fight hard collectively to redress the balance and get justice. We've spent years looking at the conduct of banks and their associates and only now are we beginning to see some light at the end of the tunnel.
 
“It is devastating therefore - although not entirely surprising - to think the root of our problems lay with the Treasury back in the days of the so called 'credit crunch' and continued after the election under Cameron. If these allegations are proven this will be yet another reason why those responsible for destroying so many SMEs must be held to account, and that includes the Government which should compensate victims of GRG.”
 
An internal report by the Financial Conduct Authority into RBS GRG which showed that thousands of businesses forced into the unit were adversely impacted by the actions of the bank. However, the FCA claimed that it could take no regulatory action against RBS executives.
 
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.