Small Business, Enterprise and Employment Bill 2014-15
The government confirmed during August that as part of the first ever Small Business, Enterprise and Employment Bill 2014-15, it plans to require Britain’s major banks to pass on information about SMEs they reject for loans, so alternative lenders can offer finance instead. The government's intention is to legislate for its proposals by way of secondary legislation under the Bill, once it becomes law.
Santander has already agreed to refer small businesses it turns down for loans to a peer-to-peer platform called Funding Circle, who in return will promote the bank’s current accounts and other services.
The Bill has been committed to a Public Bill Committee which will scrutinise it and report back to the House of Commons by 6 November 2014.