Today, I supported calls for a Backbench Business debate into:
“The treatment of SMEs by financial institutions and how does the current system fail to protect businesses?”
This debate will investigate the conduct of the banks when dealing with small and medium-sized businesses.
There are wide allegations of malpractice in financial services and related industries, which has potentially adversely affected small businesses across the UK. This could indicate a systemic failure to effectively protect businesses, which has resulted in financial scandals costing tens of billions of pounds.
I believe that the solution requires the collective and collaborative effort of regulators, parliament and government; and an independent inquiry into practices in respect of the treatment of SMEs and the protections afforded them. We should have a tribunal system to effectively deal with financial disputes for businesses.