WHAT THE BANKING CODE PROMISES SMEs (FROM THE BBA) 0
Page 41
If you've noticed an error in this article please click here to report it so we can fix it.
Banks are happy for SMEs to bring their professional advisers with them to support them in their discussions with their business manager.
0 Banks will use either in-house guides or industry-standard literature to provide guidance on the factors that determine pricing.
+01 Banks will always inform customers of the time it will take for a lending decision to be taken, starting from the point when a full suite of information is provided to complete an application.
0 Banks will ensure they have fair and effective processes in place to review decisions to decline a lending request.
Wherever practical :anks will provide proactive and clear feedback to SMEs when a decision has been taken to decline a borrowing request and what next steps tl might take, for example, contacting Business Link for further advice and suppor • Banks will work with SME representatives and with the Lending Co standards board to promote both these initiatives and the Lending Code itself.