Bank lending appeals If your application for finance has been turned down by your bank, you are now able to appeal that decision. If your bank is a participating body, and your turnover is less than £25 million, your appeal will be reviewed by a separate team within the bank. The process is independently audited and reviewed by Professor Russel Griggs and there are now 13 high street lenders participating in the process. • Bank Appeals process More than 9,000 appeals have been made in three years by the independent external reviewer of the appeals process. This has resulted in £42 million of further lending to small businesses • Financial Ombudsman The Financial Ombudsman service deals with complaints brought against banks, insurers and other financial firms. It will deal with complaints brought by businesses and charities with a turnover of less than €2m and employing fewer than ten employees • Guidance for making an application for finance Five recommendations to help improve your chances of making a successful application for finance
Posted on: Fri, 24 Oct 2014 09:25:59 +0000
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