Asked by: Lord Cotter (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government how they plan to implement the Small Business Enterprise and Employment Act 2015's mandatory referral scheme.
Answered by Lord O'Neill of Gatley
The referral scheme is not yet up and running but the Government is committed to delivering this policy which will help small and medium sized enterprises access the finance they need to grow and expand.
Since the Government announced the Finance Platform policy it has consulted, passed primary legislation and is now close to making secondary legislation.
The British Business Bank is currently undertaking a due diligence process on Finance Platforms that have expressed an interest in becoming designated and will advise HM Treasury on designation in the Spring; with the policy expected to ‘go live’ later in 2016.