Parliament needs to ask the Financial Conduct Authority to investigate how banks have handled the application process for BBLs and why ‘feeder’ accounts that are open for a matter of hours to obtain funds are being credit checked when BBL’s themselves are not required to be credit checked
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Businesses are being declined Bounce Back Loans due to credit checked being performed to open a feeder account and also the amount of time it takes them to process an application
Some state it takes 6 days but there are concerns that some people are having to wait months.