Mark Williams, Member of Parliament for Ceredigion, has called on the Government to take action to toughen financial dispute resolution measures to help small businesses who have been mis-sold financial products by banks. Mark called for this during a debate in Parliament on Thursday 15th December.
The Backbench Business debate, titled ‘Creation of a commercial financial dispute resolution platform’, was sponsored by a cross-party group of MPs which included Mark.
Mark said “Since being elected in 2005 I have had a substantial number of small business owners in Ceredigion come to me to help them after they have been mis-sold financial products, often running into the hundreds of thousands of pounds.
“For those small businesses who have gone through the banks internal complaints procedures, or even those who have gone to the Financial Ombudsman Service, their time has often been wasted, in many cases without even the hope of any kind of resolution, and left with crippling debt.
“It is disgraceful that Government has allowed small businesses to be left to the mercy of predatory financial services without adequate resource to fight back, and it is time that action was taken to ensure that small businesses can resolve these matters quickly and easily.
“I call on the Government and the financial regulator to work with the APPG on Fair Business Banking to create a sustainable platform for commercial financial dispute resolution which will help protect our important local businesses.”