Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what recourse is available to a business if they suspect that (a) a lender and (b) an organisation or person acting on behalf of a lender is not complying with the regulations of the Bounce Back Loan Scheme.

The Bounce Back Loan Scheme rules were developed with the British Business Bank, who accredited lenders to the Bounce Back Loan Scheme. Any business concerned about compliance with the scheme rules, by a lender or an organisation or person acting on behalf of a lender, should follow the lender’s complaint process in the first instance, before pursuing with the Financial Ombudsman Service, if required.

Further information can be found on the Financial Ombudsman Service website: https://sme.financial-ombudsman.org.uk/complain/complaints-can-help/borrowing-money/government-backed-loan-schemes-context-covid-19-pandemic.