Business: Loans

(asked on 3rd November 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 2 November 2017 to Question 110240 on the Royal Bank of Scotland, what plans he has to extend the responsibilities of the Financial Conduct Authority to oversee business lending.


Answered by
Steve Barclay Portrait
Steve Barclay
Secretary of State for Environment, Food and Rural Affairs
This question was answered on 7th November 2017

The Government is committed to extending the regulatory perimeter only where there is a clear case for doing so, in order to avoid putting additional costs on lenders that would ultimately lead to higher costs for businesses.

However, unincorporated sole traders and small partnerships borrowing less than £25,000 do receive regulatory protection. In practice, the effect of this is that the smallest SMEs are more likely than not to receive regulatory protections when borrowing.

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