The FCA has responded to the House of Commons Treasury Committee's report on conduct and competition in SME lending. The FCA responds to various recommendations made in the Committee's report relating to small businesses and their interaction with financial services. Several of the recommendations relate specifically to the FCA, to which the FCA has responded, including: (i) the redress scheme established by the FCA relating to the misselling of interest-rate hedging products; (ii) the embedding of its competition objective throughout the work of the FCA and the exercise of its concurrent competition powers; and (iii) the legislative obstacles to providing disclosure of confidential information to third parties without the permission of the regulated entity to which that information relates.
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