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