Source · Select Committees · Treasury Committee
Recommendation 20
20
Paragraph: 111
FOS remit for business lending personal guarantees reveals an unfair, inconsistent support gap.
Conclusion
We agree with the FOS that the current approach to personal guarantees on business lending represents a gap in its remit that fails to provide the kind of support to 38 SME Finance SMEs that the service exists for. The fact that the FOS cannot assist business owners or directors over misapplied guarantees, but can do so for consumers, represents an unfair inconsistency in how the FOS supports consumer versus business cases.
Paragraph Reference:
111
Government Response
A response document is linked to this report, dated 12 December 2024. Response attribution to this conclusion has not been verified. Read the response document ↗