HM Treasury has published a document containing a summary of responses to its:
- December 2013 consultation on improving access to credit data on small and medium sized enterprises (SMEs); and
- March 2014 consultation on speeding up cheque payments through methods such as cheque imaging.
HM Treasury has also published a press release concerning the introduction of the Small Business, Enterprise and Employment Bill (the Bill). Through the Bill the Government intends to open up access to the credit data that the major banks hold on their SME customers to other banks and finance providers. The proposals are intended to make it easier for SMEs to seek loans from a lender other than their bank by improving the ability of challenger banks and alternative finance providers to make accurate SME risk assessments and lending decisions. The Bill also modernises cheques legislation so that banks and building societies can introduce “cheque imaging”, which will speed up cheque clearing times and give customers greater convenience and choice in how they deposit cheques.
View Government acts to improve focus on customers of financial services, 25 June 2014
View Improving access to SME credit data: summary of responses, 25 June 2014
View Speeding up cheque payments: summary of responses, 25 June 2014