Coronavirus: UK watchdog warns banks over bailout bottlenecks – The National

Coronavirus: UK watchdog warns banks over bailout bottlenecks – The National

Coronavirus: UK watchdog warns banks over bailout bottlenecks. The Financial Conduct Authority said there could not be a repeat of alleged historic shoddy treatment. Small businesses must be treated fairly to stay afloat amid the coronavirus outbreak, the UK's financial watchdog has warned the country's top banks.. Small and medium-sized enterprises (SME's) have complained about shoddy treatment in the past by banks and a number of leading institutions have admitted to mistakes.. "Our objective will be to ensure that there is not a repeat of the well documented historic issues in the treatment of SMEs," said Christopher Woolard, interim chief executive of the Financial Conduct Authority, in a letter to the heads of banks.. SMEs are able to apply for government-backed loans as the economy is hammered by the virus outbreak.. The FCA also has warned that most insurance policies for SME's only offered basic cover and didn't include pay-outs in relation to the pandemic.. For the policies, it is important that claims are assessed and settled quickly," Mr Woolard said..