News Column

PRESS: Banks ‘Abused’ Loan Guarantee For Firms - Times

August 18, 2014

Samuel Agini

LONDON (Alliance News) - Allegations that government schemes designed with the intention of boosting lending to small businesses have been abused by high street banks are being examined by the Serious Fraud Office, the Times reported Monday.

The Times said that it is "understood" that a claim that government-funded guarantees have been wrongfully secured in order to remove companiesí overdrafts and pass risky SME loans on to the taxpayer is one of the issues under examination.

The Times said it has seen correspondence that shows that the SFO is studying allegations about alleged abuse by lenders. The newspaper said that one of the SFO's senior intelligence officers described the research case as "complex" and "far-reaching."

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Source: Alliance News

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