Context
The FCA has published a press release stating that small and medium sized enterprises (SMEs) could access finance more easily after the FCA sets out practical steps to help.
Key points to note and next actions
- An FCA review found no evidence that its regulation is a barrier for SMEs to access finance.
- SMEs can face barriers to accessing finance, including limited awareness of what is available, complex application forms, or a lack of suitable products.
- The FCA wants to reduce friction in this process by considering reforms to the Consumer Credit Act, and streamlining digital verification tools to improve processes where checks are needed.
- The FCA is working with the government and other regulators to address other wider issues impacting on SMEs’ ability to access finance