Laura WilesThe LSB is to retire its Standards of Lending Practice for personal customers at the end of March 2025. The standards were first published in 2016, and have been reviewed and updated several times. However, the last...
Category - business banking
Emma Radmore
BBRS Contemporary Scheme closes to new registrations
The BBRS’ Contemporary Scheme has closed to new registrations, as planned, at midnight on 13 December 2024. The BBRS will remain open to resolve complaints for customers that registered before the deadline. The...
CMA updates banking satisfaction surveys
The results of the latest banking satisfaction surveys released by the CMA show: Monzo and Starling are the top of both personal and business current account providers; and RBS and the Co-operative Bank scoring badly on...
BoE publishes second resolvability assessment of major UK banks
The BoE has published its second assessment of the resolvability of the eight major UK banks, finding that the banks have made significant progress in preparation for resolution, and have addressed issues outstanding...
Harry WellsSME banking 2002 undertaking report
The CMA has published the 2023 audit report into whether 8 UK banks are complying with undertakings they gave in 2002 not to bundle loans and accounts for SMEs. The 8 banks currently subject to the undertakings have...
Labour manifesto proposes Regulatory Innovation Office
Part of Labour’s manifesto proposes a new Regulatory Innovation Office, which will bring together existing functions to help regulators better deal with the development of new technologies, specifically AI. It...
Lib Dem manifesto prioritises financial inclusion
The Liberal Democrat manifesto, published on 10 June, includes several commitments in relation to the financial services sector, such as: expanding the British Business Bank to perform a more central role in the...
SMEs reminded to register complaints before BBRS closure
The BBRS has reminded all eligible SMEs who have a banking complaint to be sure they register it before the BBRS closes to new registrations at the end of 2024. Eligible SMEs are those who are above FOS thresholds but...
Fair Business Banking SME Manifesto calls for reform
The All Party Parliamentary Group on Fair Business Banking has launched its SME Manifesto. The manifesto sets out the strategy for the next government to transform the regulatory landscape for SMEs so that they get the...
BBRS publishes 2023 report
The BBRS has published its annual report for 2023. The report acknowledges that the service has dealt with far fewer complaints than originally anticipated, but is pleased with the work it has done, and the feedback...
SME banking report finds “unfair” treatment of small businesses
The Treasury Committee’s report on SME finance has heavily criticised the “unfair” debanking of many legitimate businesses. It firmly believes that any small business doing legitimate work should have...
Debanking complaints spike
The Treasury Committee has published new data that shows a rise of 69% in complaints to the FOS about debanking since 2020/21. In the last year, there were nearly 4,000 complaints. There has also been an increase in the...
BBRS publishes quarterly data report
The BBRS has published its quarterly case resolution data as of 31 March 2024. Key highlights include: From a total of 1,037 case registrations, there were 1,006 resolved case outcomes and 31 remain open. Of the...
FCA updates perimeter report
The FCA has updated its Perimeter Report on its website. It was last updated in March 2023. Among the issues discussed are: FCA’s general approach to the perimeter; when it will take action against unauthorised...
Fair Business Banking group publishes call to action
The All Party Parliamentary Group on Fair Business Banking has called for input into its SME manifesto. The document, which wants to address the challenges that face SMEs when dealing with financial institutions, is...
SME Manifesto redoubles efforts in call to action
The All-Party Parliamentary Group on Fair Business Banking has republished its call for action to help it build its SME Manifesto, which wants to target access to finance and dispute resolution. So far, it has started...
Treasury Committee publishes SME de-banking report
The Treasury Committee has published a report based on data from 8 of the largest banks that shows that banks have closed 2.7% of small business accounts during the past year. The banks also gave reasons for the...
Fair Business Banking Group reports on de-banking
The All Party Parliamentary Group on Fair Business Banking has reported on de-banking. The report looked at why banks have been refusing or withdrawing banking facilities giving reasons that customers felt were at best...
LSB publishes lending standards consultation responses
The Lending Standards Board (LSB) has published its response to the views received on its consultation on a review of the Standards of Lending Practice (the Standards) for business customers. The review itself was...
Duncan ScottFSB publishes 2023 G-SIB list
FSB has published the 2023 list of globally systemically important banks (G-SIBs) using end-2022 data and applying the assessment methodology designed by the Basel Committee on Banking Supervision (BCBS). Compared to...
Vida FatemiBBRS to continue into 2024
BBRS and its participating banks have agreed the service will continue into 2024 – with no new set date for scheme closure.
PRA writes to deposit takers on innovation and stablecoins
PRA has written a Dear CEO letter to provide clarity on the ways in which it expects deposit-takers to address risks that arise from issuing multiple forms of digital money, while welcoming the benefits that could come...
EU-UK Financial Regulatory Forum release joint statement
The first meeting of the EU-UK Forum took place on 19 October. It was attended by the UK and EU regulators and the ESAs. The shared objectives of the parties included the preservation of financial stability, market...
CMA survey shows best results for challenger banks
CMA has published the 11th version of its banking customer satisfaction survey. The surveys rank providers of personal and small business current accounts against a number of questions, including how likely they would...
Commons discusses BBRS failings and alternative solutions
In a discussion on the BBRS, the House of Commons has outlined how the service failed to restore trust between SMEs and their lenders, or resolve a meaningful number of complaints. MPs also set out some alternative...
CME publishes annual report on SME banking behavioural undertakings compliance
CMA has published its annual report on compliance with the SME banking behavioural undertakings 2002, covering the period from 1 July 2021 to 30 June 2022. The report analyses how well 8 UK banks have complied with...
BBRS publishes 2022 Annual Report
The 2022 Annual Report of the BBRS highlights that the scheme did grow in its second year but case volumes were still lower than anticipated. However, the Board is satisfied that it did all it could to find cases and is...
FCA requires IBA to continue to publish synthetic US dollar LIBOR
Following its November 2022 consultation, FCA has decided to require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA) to continue to publish the 1, 3 and 6 month US dollar LIBOR settings on a...
BBRS SME Liaison Panel closes
Antony Townsend has resigned as Chair of the BBRS SME Liaison Panel, saying it has been very difficult for him to make progress and he has been disappointed at some of the BBRS responses to the Panel’s concerns...
HSBC breaches retail banking order
The Competition and Markets Authority (“CMA“) has written to HSBK UK Bank Plc concerning its breaches of Part 2 of the Retail Banking Market Investigation Order 2017 (the “Order“). Part 2 of the...
BBRS report highlights complaints themes
BBRS has published its Case Insights report which highlights themes and issues arising from customer complaint data to end-July. The BBRS service was launched in February 2021, and by the end of July 2022, it had...
Nicola RadfordCMA acts for further breaches of Retail Banking Order
CMA has published updates of its actions against Nationwide, Danske Bank and NatWest for breaches of the Retail Banking Order. It found that: Nationwide had published inaccurate information through its Open Data APIs on...
BBRS publishes reports on customer satisfaction and complaints
The Business Banking Resolution Service (BBRS) has published its Customer Satisfaction Report, reporting customer journey feedback for the 2 months to late August. 72% of customers said they were able to complete the...
FCA confirms cessation of 1 and 6 month synthetic sterling LIBOR at end-March 2023
FCA required IBA to continue its publication of 1-, 3- and 6-month sterling and yen LIBOR settings for an additional year after end-2021. Following FCA’s consultation earlier this year, the majority of respondents...
Harshil PatelCMA issues directions to NatWest for bundling breaches
The CMA has issued directions to NatWest following the bank’s breach of undertakings which prohibited it from requiring SME customers which held certain bank loans to also hold business current accounts (BCAs)...
Clarity for lenders dealing with borrowers in distress
The Supreme Court has refused the Appellant’s application for permission to appeal against the Court of Appeal’s decision in Morley (t/a Morley Estates) (Appellant) v The Royal Bank of Scotland Plc...
CMA ranks banks’ customer treatment
CMA has carried out a survey of individuals and small businesses to look at how well banks are looking after customers during the cost of living crisis. CMA made participation in the survey mandatory for all relevant...
Emma RadmoreBoE publishes first resolvability assessment of major UK banks
In its first resolvability assessment of 2022, the BoE has found that, if a major UK bank were to fail today, customers would be able to access their accounts and business services as normal. The BoE found that...
CMA publishes report on lessons learned review of Open Banking remedy
On 27 May 2022, the CMA published the final report of an independent review of the “lessons learned” review of the Open Banking remedy, which is part of the package of remedies introduced following the...
FIN. TeamPrivy Council declines to extend the Quincecare duty to protect beneficial owners of funds
The Privy Council has handed down its decision in Royal Bank of Scotland International LLP (Bank) v JP SPC 4 and another [2022] UKPC 18, in which it confirmed that as a matter of law, banks do not owe a duty of care...
LSB publishes its 2022/23 Business Plan
On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...
CMA updates on retail banking market investigation
The latest updates to CMA’s information page show correspondence between the OBIE and CMA on the status of the roadmap. The OBIE updated CMA on progress and items that require updating, and CMA welcomed the update...
APP Fraud and the extent of the Banks Duty – to be determined at trial
In the case of Philipp v Barclays Bank UK plc [2022] EWCA Civ 318, the Court of Appeal has allowed the appeal from Mrs Philipp against the decision of the High Court in 2021 to give judgment to Barclays Bank UK plc on...
LSB sets its agenda for 2022
The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including: Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous...
CMA writes to Barclays and Tesco Bank on Retail Banking Order breaches
The CMA has written letters to Barclays and Tesco Bank regarding their breaches of the Retail Banking Market Investigation Order 2017. Barclays’ breach relates to its failure to update a Service Quality Indicator...
Emma BondQuincecare Duty – Supreme Court Appeal
The Court of Appeal decision in Stanford International Bank Ltd (in liquidation) v HSBC plc [2021] EWCA Civ 535 comes before the Supreme Court this week as SIB appeal the decision to strike out the loss claim it...
CMA writes to Santander following breach of Retail Banking Order
The CMA has written a letter to Santander following the bank’s failure to publish Northern Ireland Service Quality Indicators for Overall Service Quality for Business Current Accounts, as required by the Retail...
BBRS launches independent and transparent liaison panels
The Business Banking Resolution Service (BBRS) has launched two liaison panels which have been set up to act as independent and transparent advisory councils to the BBRS. The panels will create a feedback loop between...
Ombudsman News looks at BII complaints
The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...
FCA writes to firms on SME lending and BBLS fraud
FCA has published a Dear CEO letter on its expectations of firms in reporting BBLS fraudulent activity. It notes the excellent levels of cooperation within the industry throughout the pandemic and in relation to BBLS...
Ombudsman News looks at insurance and loan schemes
The latest edition of Ombudsman News features problems and complaints related to wedding insurance and business interruption insurance. The pandemic has driven a sharp increase in wedding and special events insurance...
CMA reports on banks’ compliance with bundling rules
The CMA has published the 2020 annual audit into whether 8 leading UK banks are complying with undertakings they gave not to bundle loans and accounts. During the reporting period covered by the 2020 report the CMA...
Lender’s duties limited in asset disposal
In a helpful decision for Banks and lenders, the Court of Appeal decision in Morley (trading as Morley Estates) v Royal Bank of Scotland plc [2021] EWCA Civ 338 confirmed the limited extent of the duties a lender owes...
CMA writes to Danske Bank on bundling breach
Danske Bank required 305 of its SME customers to open a business current account in order to progress their application for a loan under the Bounce Back Loan Scheme. The CMA has now written to Danske Bank to explain...
CMA stops banks bundling current accounts with BBLs.
CMA has taken action to stop Clydesdale Bank from forcing small business customers to open a business current account with it in order to get a BBL. It said the practice breaches legal undertakings that 8 large banks...
FCA publishes BBLS PAYG guidance
FCA has published its finalised guidance for firms that provide Pay as You Grow options under the BBLS. The guidance: notes that CONC 7 generally applies to set out the rules for fair treatment of customers in arrears...
Quincecare Duty is limited to agents of the customer and does not extend to individual customers
In a decision that will be welcomed by the banking industry, the High Court in the case of Philipp v Barclays Bank UK plc [2021] EWHC 10 (Comm) has confirmed that the “Quincecare Duty” placed upon banks is...
Financial Markets Law Committee publishes report on LIBOR transition
The Financial Markets Law Committee (FMLC) has today published a report entitled “LIBOR Transition – Issues of Legal Uncertainty”. The paper is intended to survey the uncertainties in the context of...
FSB publishes global transition roadmap for LIBOR
On 16 October 2020 the Financial Stability Board (FSB) published a global transition roadmap for LIBOR. The FSB coordinates at the international level the work of national financial authorities and international...
Bundling warning from the CMA
The CMA has published a letter which highlights an issue related to implementation of the Bounce Back Loan Scheme at pace. In 2002, a number of banks entered into undertakings with the CMA which confirmed that they...
BBRS publishes report on live pilot key learnings to date
The Business Banking Resolution Service (“BBRS“) has published a report capturing a panel discussion among four key individuals working on the development of its service, which is currently in a ‘Live...
CMA reports on SME banking behavioural undertaking compliance
The CMA has published its annual report on whether 8 UK banks are complying with the undertakings they gave in 2002 not to bundle loans and accounts. CMA found no significant breaches during the last reporting year. ...
Identity of lenders in peer-to-peer lending platform protected by Chancery Appeals Court
In Andrew Milne v Open Access Finance Ltd [2020] EWHC 1420 (Ch) the Court rejected an appeal against the making of a representative order under CPR r. 19.6 but allowed the appeal challenging the identity of that...
FCA publishes Covid-19 guidance for SMEs
FCA has added to its suite of guidance on Covid-19 issues with a pages setting out help available to SMEs. The guidance explains what BBLS and CBILS do, and explains the guidance FCA has given to banks and insurers on...
In-action is a breach of duty and amounts to concealment for Limitation defences
In Canada Square Operations Ltd v Mrs Beverley Potter [2020] EWHC 672 (QB) , the High Court heard an appeal by the creditor against the decision of Mr Recorder Rosen QC. In the decision it was found that the creditor...
Invalidly executed deeds of guarantee still enforceable
In Signature Living Hotel Ltd v Sulyok [2020] EWHC 257 (Ch), the High Court was asked to consider whether two deeds of guarantee were enforceable in circumstances where the signature of the director of the surety had...
Latest current account data released
The FCA has today published the latest table of data provided to them by current account providers (both business and personal). The data allows consumers and small businesses to compare the services provided by each...