Abhishek Sachdev of Vedanta Hedging was quoted and referenced on multiple occasions in the new ‘Fair Business Banking for All’ report launched in Parliament last week.
In essence, these proposals aim to even the balance of power between SMEs and Banks relating to dispute resolution. This is a core issue for our economy, since SMEs are the lifeblood of employment in the UK and yet are borrowing less from the banks than ever before.
The report can be found here:FairBusinessBankingforAll 11 July 2018
Vedanta Hedging instigated the FCA IRP Review into SMEs being mis-sold derivatives. However, despite this, we are the first to acknowledge its many failings in providing adequate redress to all SMEs. This was deliberately designed by the banks in this manner, and even the FCA has acknowledged that the FCA should not be running schemes like this in the future.
SMEs face many hurdles in obtaining justice. The FOS is only available to a restricted set of micro-enterprises. Bank redress schemes have been created by, the Banks themselves! Access to the Courts is a suitable remedy for some mid-sized firms but this is a very costly route since Bank’s will often only settle once hundreds of thousands of pounds have been spent in legal fees. Hence, more needs to be done to help SMEs who have had many (and will have in the future) legitimate complaints in relation to their bankers.
Vedanta Hedging are also assisting many firms with the GRG Review scheme, BSU claims, and all banks in relation to consequential loss claims.
Kevin Hollinrake MP (Co-Chair of the Fair Business Banking APPG) has been championing this work and also writes in the Times today about these proposals to help SMEs.
The article can be been here:Small companies need a tribunal to take on the banks _ Business _ The Times