The UK’s Coronavirus Business Interruption Loan Scheme (CBILS) was widely praised when it launched. Against the backdrop of pandemic tragedy, support for small businesses was a welcome relief. But now a new approach is needed.
In a letter to CEOs this April, the Financial Conduct Authority (FCA) warned that it “will not hesitate to take action” should lenders take advantage of desperate borrowers during the pandemic crisis, a sign that billions of pounds paid out in emergency funding may spark a wave of enforcement and litigation.
