UK to provide credit adjudicator service for small firms.

Global Banking News-25 March 2010-UK to provide credit adjudicator service for small firms(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 25 March 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

UK chancellor Alistair Darling has announced that a body would provide credit adjudicator service to small firms in the country.

Through the service, small firms who feel that they have been wrongly denied a loan by lenders can appeal to an independent statutory adjudicator. The service would have the power to force banks to provide a loan if credit was wrongly denied.

Darling said that the new service would speed up complaints processing and also have legal powers to enforce its judgments.

The Chancellor has set aside a budget of GBP5m for the scheme in 2010-2011.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:	Global Banking News (GBN)
Date:	Mar 25, 2010
Words:	154
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