Justice For Our Firms: TSB throws its weight behind campaign for small business banking tribunal
High street bank TSB has thrown its weight behind calls for a tribunal system that would allow small businesses to challenge lenders over unfair treatment.
The Mail on Sunday’s Justice For Our Firms campaign has called for a powerful mediator to tackle disagreements between small firms and their banks amid evidence of widespread malpractice in the aftermath of the financial crisis.
Campaign: TSB small business banking director says it’s really important SMEs are given protection they need to thrive
In a major boost for the campaign, TSB has broken ranks with rivals who have so far remained silent on the tribunal idea.
The All Party Parliamentary Group on Fair Business Banking has led calls for a tribunal system, arguing an improved Financial Ombudsman Service – the alternative option on the table – would not be enough as claims for compensation would be capped and payouts would be harder to enforce.
Rising support for a tribunal comes ahead of this month’s Budget when Chancellor Philip Hammond is tipped to announce plans for a grievance forum.
Richard Davies, TSB’s SME banking director, said it is ‘really important [small businesses] are given the protection they need to thrive’.
He added: ‘We support the APPG’s work to make banking better for UK small and medium-sized enterprises.’