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SME Alliance Press Release 23/10/18

10/23/2018

3 Comments

 
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SME Alliance rejects disappointing and self-serving Walker report.

​SME Alliance, which supports business people in their disputes with banks, has rejected the main conclusions of the report by Simon Walker on behalf of the finance industry’s trade body into ways SMEs can challenge banks without going to court.



Mr Walker’s conclusions – which include strengthening the role of the Financial Ombudsman Service (FOS) and a voluntary ombudsman service for larger businesses – fall well short of the demands by the SME Alliance, leading MPs and other interested parties for an independent tribunal to deal with disputes between businesses and their banks.


Said Nikki Tuner, director of SME Alliance: “This report is off the mark and out of sync with what businesses want and need. Nothing short of a robust process will convince the millions of ordinary business people they are protected by the law. The SME sector has been ravaged by banks for years and neither the Financial Conduct Authority (or its predecessor body) nor the FOS have done much to stop this. The trust has gone, as has access to justice. A tribunal would re-establish this.”
​


The report was commission by UK Finance, the representative body for the finance industry in the UK, including all the banks which may be in dispute with companies they have financed.


SME Alliance also questions the voracity of the information referenced by Mr Walker and his team, in particular regarding how many victims of the HBOS Reading fraud were described as businesses that “were in trouble before they reached the bank.” It has been established, and accepted by Lloyds Banking Group which now owns HBOS, that the vast majority of the problems that harmed businesses were caused by HBOS and consultants working with it.


Said Nikki Turner: “To make such a fundamental error brings into question the integrity and credibility of this review.”


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.


3 Comments
Simon Hawkins link
10/24/2018 09:10:24 am

How very convenient for the banks and the Government. I do laugh when they refer to this review as being independent.

Reply
Peter Way
10/24/2018 09:47:09 am

Simon Walker is aiding and abetting the cover up from the Government Regulators ‘( all involved ) and the banks and finance companies for their illegal and criminal behaviour !! This has been kicked into the long grass for far too long ! It’s up to this Government to show that they do not support criminality of any kind and allow an independent tribunal to be implemented imediately !!!

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Stephen Lilley
10/27/2018 12:13:30 pm

The Health & Safety at Work etc Act 1974 Section 3(1) states: It shall be the duty of every employer to conduct his undertaking in such a way as to ensure, so far as is reasonably practicable, that persons not in his employment who may be affected thereby are not thereby exposed to risks to their health or safety.

Section 3(3) states: In such cases as may be prescribed, it shall be the duty of every employer and every self-employed person, in the prescribed circumstances and in the prescribed manner, to give to persons (not being his employees) who may be affected by the way in which he conducts his undertaking the prescribed information about such aspects of the way in which he conducts his undertaking as might affect their health or safety.

The above is one of the most powerful pieces of legislation the UK has to protect its citizens. There has been a constant failure by the Banks to recognize and implement this Act safeguarding the customers health, safety and welfare. Clearly the Banks with their behaviour towards their customers is without doubt in breach of the Act and contrary to UK law.

The result of failure to abide by the above legislation has led to some people taking their lives, divorce, poor health, sleepless nights, loss of homes, loss of employment etc.
which not only affect one person but involves and affect the health and welfare of whole families.

It is now time that this section of UK law is enforced

Reply



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