Coronavirus (COVID-19)—FCA information for small businesses

Coronavirus (COVID-19)—FCA information for small businesses

The Financial Conduct Authority (FCA) has published information for small businesses that are customers of financial services firms, setting out the government support available during the coronavirus (COVID-19) pandemic and what to do if small businesses feel they have been treated unfairly.

The FCA says it has received a lot of enquiries about accessing finance via government schemes and business interruption insurance. While not responsible for running the various schemes, it is ‘committed to ensuring that the benefits of these measures are passed to the businesses that need them as soon as possible’.

The webpage sets out the basic details of the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS), and the procedure firms should follow if they feel they have been dealt with unfairly, including using the Financial Ombudsman Service. It also sets out the FCA’s role in regulating business loans and debt-collecting activities.

Source: Coronavirus: Information for small businesses that are customers of financial services firms

For more information, please see: Coronavirus (COVID-19)—key developments for financial services lawyers

Coronavirus (COVID-19)—key financial services issues

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