5 Small and medium sized businesses: information to finance platforms
Small Business, Enterprise and Employment Act 2015 (2015 c 26) | Legislation

5  Small and medium sized businesses: information to finance platforms

(1)     Where—

(a)     a small or medium sized business has applied to a designated bank for a loan or other credit facility, and

(b)     the application has been unsuccessful,

the Treasury may by regulations impose a duty on the bank to provide specified information about the business to designated finance platforms.

(2)     The regulations—

(a)     must provide that the duty only applies where the business to which the information relates agrees to its information being provided to the designated finance platforms;

(b)     may require a bank—

(i)     to seek the agreement of a business for the purposes of paragraph (a);

(ii)     to ask the business for any of the specified information that the bank does not already have;

(iii)     to provide the information

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