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01 November 2018 / Michel Reznik
Issue: 7815 / Categories: Features , Tribunals
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Financial Services Tribunal: the seal of political approval

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Michel Reznik reports on recommendations by the Treasury Committee for the creation of a Financial Services Tribunal

  • The House of Commons Treasury Committee has published its SME (small and medium sized enterprises) Finance Report.
  • The Report urges the Treasury to establish a Financial Services Tribunal and to expand private law rights under s138D of FSMA 2000 to SMEs.
  • NLJ, which has reported on the development of these proposals, provides a summary of key findings from the SME Finance Report.

On Friday 26 October 2018, the House of Commons Treasury Committee (the Treasury Committee) published its SME Finance Report (the Report). It is a serious piece of work with major ramifications for practitioners in the financial services area. It made several recommendations to the Treasury, with the two key ones being:

  1. the creation of a Financial Services Tribunal in which SMEs can enforce their rights against financial institutions, including through s 138D of the Financial Services and Markets Act 2000 (FSMA 2000); and
  2. the expansion of rights under FSMA 2000 s 138D to include corporate clients of financial services.

The

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