John Glen MP, the City Minister and Economic Secretary to the Treasury, was recently interviewed in The Times about how resolving bank complaints by SMEs.
Mr Glen (on behalf of the Government) was not supportive of a new proposed Tribunal system, and instead favoured improving and expanding the remit of the existing Financial Ombudsman Service (FOS).
Mr Abhishek Sachdev (CEO of Vedanta Hedging Ltd) was also interviewed in the same article, given his experience in assisting SMEs as well as instigating the FCA IRHP Review (for 28,000 SMEs). Mr Sachdev stated that there were problems with the lack of transparency from the FOS relating to material the Bank had provided to them, but was still supportive of an improved FOS service compared to a Tribunal.
The full article can be seen here:The Times article with John Glen / Vedanta Hedging