Commercial Financial Dispute Resolution Platform

Stephen Gethins Excerpts

Thursday 15th December 2016 Commons Chamber

[George Kerevan]

I take my hon. Friend’s point. There are so many individual cases. They cut across all the nations of the United Kingdom and Members of all parties. My plea to the Minister is that we desperately need to find a permanent resolution.

[Stephen Gethins (North East Fife) (SNP)]

My hon. Friend made a good point about encouraging small businesses. It is important that we get a fair deal for small businesses. He will be aware of the case of my constituent, Mr Jim McGrory, who was looking to refinance at a preferential rate, but was faced with high exit fees and termination clauses that had not been made clear in the terms and conditions. That is crucial for small businesses, and it was crucial for Mr McGrory.

[George Kerevan]

Indeed. That brings us to the nub of the issue: the imbalance in power between an individual small business and a bank.