APPG on Fairer Business Banking Statement Updates
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The Supreme Court has granted permission to the APPG on Fair Business Banking to intervene in Pakistan International Airline Corporation (Respondent) v Times Travel (UK) Ltd (Appellant) UKSC 2019/0142, a landmark appeal on the doctrine of duress. The APPG has permission to make written submissions and oral submission at the hearing on 2 – 3 November 2020. The intervention will enable the Supreme Court to take account of the APPG’s experience of how the doctrine of lawful act duress operates in the banking context, particularly where it restricts bank customers from challenging settlements with lenders entered under duress. Kevin HollinrakeRead more
The expanded definition of the IAR Fraud and scope of the panel will ensure that no one who was affected by the HBOS Reading Fraud who entered the original Lloyds Bank Customer Review will be excluded from the process. For the avoidance of doubt, the statement today means that the only key threshold for consideration in the re-review is the involvement of Scourfield and Dobson, or any individuals acting under their direction, influence or control. It is then for the panel to assess whether or not financial loss was suffered. After campaigning long and hard to highlight the injustice ofRead more
Metro, Handelsbanken, Danske, HSBC and Santander are leading the way on providing payment holiday support for business customers, however, the approach of Lloyds and TSB in particular appeared to more bank-led and did not offer interest payment deferrals. Virgin Money, Barclays, NatWest, and Co-operative Bank do sometimes give full payment deferrals of both capital and interest, but the responses were less clear on how proactively they were offered or how often they were taken up. FCA guidance has been in place since March stating that banks should proactively offer full payment deferrals of both the repayment and interest elements ofRead more
The All Party Parliamentary Group on Fair Business Banking welcomes the release today of the Supreme Court’s judgment in Sevilleja (Respondent) v Marex Financial Ltd (Appellant)  UKSC 31. The judgment is the first time the ‘rule against reflective loss’ has been considered at this level in 20 years. Because of its public importance, the APPG applied for and was granted permission to make written and oral submissions, to provide evidence from its experience that the rule should be applied flexibly to avoid causing injustice to business owners and victims of fraud. The Supreme Court’s judgment has unanimously changed the previous understanding of the law, holdingRead more
The current position of lenders regarding new Bounce Bank Loan Scheme (BBLS) applications from new customers
Statement from the All-Party Parliamentary Group on Fair Business Banking Tens of thousands of businesses left without access to finance Tens of thousands of businesses at risk of going bust due to lack of availability of the government’s flagship Bounce Back Loans according to the APPG on Fair Business Banking Although a million loans have been provided through the scheme, those businesses who have been encouraged to move to other Fintech firms and ‘non-bank lenders’ now can’t access loans as their finance providers do not have access to the Term Funding Scheme (TFS), which the Bank of England uses toRead more
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