Association of Professional Compliance Consultants

The body for compliance consultants who advise firms regulated in the UK.

The APCC is active in enhancing the professional standards of compliance consultants and is recognised as a trade body by the FCA and other regulators. This provides our members with significant benefits in terms of direct access to the Regulators as well as business leads.  The APCC often works in conjunction with the FCA to pilot or test new initiatives, and we also provide with valuable feedback on specific subjects as requested by them.

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  • #2427
    AvatarVincehc3@gmail.com
    Participant

    Hello

    An investment firm has been declined a bounce back loan despite not being a bank, building society or insurance company – the bank has classified them as a Relevant Financial Institution and cited http://www.legislation.gov.uk/uksi/2014/2080/pdfs/uksi_20142080_en.pdf as their reason for declining the loan (specifically Article 14).
    I’m curious to find out from other members if this is a bank being over zealous or does this apply to a range of banks therefore meaning that loans, overdrafts, etc can’t be granted to a potentially significant number of our client firms?

    Regards

    Vince

    #2452

    Vince
    From reading most of the contents of your link, Statutory Instrument 2014 2080, I would say that an investment firm is a Relevant Financial Institution as defined in 2 (2) b.
    However the Bounce Bank Loan Scheme appears to only exclude banks, insurers and reinsurers.
    https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan#eligibility
    Perhaps, an application can be made to a different lender?
    Regards
    Martin

    #2529
    AvatarVincehc3@gmail.com
    Participant

    Thanks Martin – they have done just that

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