Treasury lays SME credit information Regulations before Parliament: Treasury has published the draft Small and Medium Sized Businesses (Credit Information) Regulations. The Regulations set out details of:
- a requirement for publication of credit information on small and medium-sized enterprises (SMEs) by banks and credit reference agencies (CRAs);
- how Treasury will designate banks and CRAs for the purposes of the Regulations;
- access to and correction of information and complaints about CRAs;
- monitoring by FCA of compliance and enforcement including reporting requirements to FCA, and a full set of investigatory and disciplinary measures for various criminal and administrative offences.
The Regulations will improve access to, and level the playing field in respect of, access to SME credit data and will be made under the expected Small Business, Enterprise and Employment Act 2015. (Source: Treasury Lays SME Credit Information Regulations Before Parliament)
More resolution powers come into effect: Certain provisions of the Financial Services Act 2012 take effect from 15 January 2015. These bring into force changes to the Banking Act 2009 in respect of resolution and the special administration regime. (Source: Financial Services Act 2012 Commencement Order No 6)