FCA Warns Banks On Virus Emergency Loans To Small Cos.

Law360, London (April 15, 2020, 8:54 PM BST) -- Britain's financial watchdog issued a warning to banks Wednesday to ensure that small businesses are treated fairly during the COVID-19 crisis and that the financial institutions learn from scandals that arose from controversial turnaround units after the 2008 financial crash.

U.K. banks are dealing with a backlog of more than 20,000 applications for government-backed emergency finance for small businesses, three weeks after the program was launched to help reduce the economic impact of the coronavirus outbreak.

In a letter to heads of banks, Christopher Woolard, the Financial Conduct Authority's interim chairman, said each lender must designate a senior manager that oversees...

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