FCA Dear CEO letter to banks on lending to SMEs during COVID-19
Regulatory Updates | 15/04/20
The Financial Conduct Authority (FCA) has published a Dear CEO letter to banks on lending to SMEs during COVID-19. The letter acknowledges the large numbers of applications that banks may be receiving as a result of the FCA’s COVID measures including CBILS, and states that the FCA is collecting data to monitor the level of lending that is flowing to firms. It also states that although lending to SMEs sits mostly outside the FCA’s scope, SMCR requirements still apply to lending to SMEs and that the FCA would expect that senior manager(s) within banks with clear responsibility for small business lending is discharging those duties suitably.
