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Regulation call as SMEs begin loan repayments

The first tranche of Bounce Back Loan Scheme repayments are due this week, with 1.5m small businesses set to repay £47bn. While banks have vowed to treat customers fairly, campaigners have voiced concerns that pressure to recover taxpayer cash may put lenders in a difficult position. Noting that lending to businesses is unregulated in the UK, leaving borrowers unprotected by law or the Financial Conduct Authority, Kalyeena Makortoff in the Observer says the pandemic-related debt boom is driving calls to regulate the sector. MPs on the All-Party Parliamentary Group on fair business banking are calling on ministers to introduce laws that would protect SME owners and give them leverage in a court or tribunal. The Observer

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