RBS will take action over refunding bank charges

High Street bank Royal Bank of Scotland has reportedly decided that in the event that the ongoing High Court case in to bank charges is lost by the banks it will be pro-active in ensuring that all customers receive a refund on their bank charges that were applied for exceeding the credit limit on the account. The banks, along with seven others, is currently appealing against a ruling made by the courts earlier this year, when it ruled in favour of the Office of Fair Trading. Read more

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Lloyds TSB loans help start-ups

Recent reforms to the Small Firm Loans Guarantee (SFLG) have led to the possibility of more focussed funding to small businesses, high street bank Lloyds TSB said today.

SFLG is a government promise against default in certain circumstances.

Whereas previously available to all businesses, it is now on offer exclusively to those companies in their first five years of trading, which Lloyds head of communications Stephen Pegge said was “where it is most needed”.

The maximum amount which could be claimed was previously £100,000 for start-ups. Now, as a result of the sharper focus, they can claim £250,000.

Mr Pegge said: “It’s not that there were exclusions of start-ups that have suddenly been lifted; it’s mainly that the long-established businesses can no longer borrow. There’s more of an emphasis on start-ups. And perhaps some bigger start-ups can get more money than they previously could have got.

“I think it’s true to say that where businesses need it most – and are least likely to have security to support their applications – are in the early years,” he added.

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