The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Banking groups announced today that they have implemented new procedures to help businesses secure alternative finance. In March the BBA and the four main high street lenders: Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland; agreed a common protocol that will enable alternative lenders to more readily agree with banks standard forms of Deeds of Priority or Waivers to small businesses seeking other finance options. The measures should allow lenders to efficiently agree an order of priority of security to support their business finance arrangements. This was also referenced in Budget.
We are pleased today to confirm these banking groups have now implemented these procedures :
BBA Executive Director Irene Graham said:
“We want to make sure businesses trying to get a loan have certainty on security arrangements as quickly as possible so we are really pleased the banks have now implemented the agreed protocols.
“Banks already have several hundred of these agreements in place but public standard documents should speed matters up for new lenders.
“Businesses should ensure all necessary information is provided to support these requests. With all information present, the banks are committed to respond to all but the most complex of requests within seven working days which should allow businesses certainty on their new finance arrangements as quickly as possible.”
What is a Waiver arrangement or Deed of Priority (also known as a Ranking Arrangement in Scotland)?
There may be occasions when business customers have reason to obtain finance from a variety of sources.
So what do business customers need to do?
What are the banks committed to do?
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