Notice

Designation of banks and finance platforms for finance platforms regulations

This notice designates the banks and finance platforms to which the Small and Medium Sized Business (Finance Platforms) Regulations 2015.

From:
HM Treasury and The Rt Hon John Glen MP
Published
1 November 2016
Last updated
1 March 2018 — See all updates
This was published under the 2016 to 2019 May Conservative government

Documents

Small and Medium Sized Business (Finance Platforms) Regulations 2015: Information sheet

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Notice of Designation: Small and Medium Sized Business (Finance Platforms) Regulations 2015

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Details

The government has passed regulations that require designated banks to pass on the details of small businesses they have rejected for finance with 4 designated finance platforms. These platforms will then share these details with alternative finance providers and go on to facilitate a conversation between the business and any provider who expresses an interest in supplying finance to them. These new rules make it easier for businesses to access finance when they have been turned down by traditional lenders.

Updates to this page

Published 1 November 2016
Last updated 1 March 2018 + show all updates

  1. Updated list of designated platforms.

  2. Updated Notice of Designation's list of designated finance platforms to add Alternative Business Funding Ltd.

  3. First published.

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