FCA sets out steps to support small businesses' access to finance

AI summary of the source article

An FCA review found that its rules are not a major barrier to SME financing, though small businesses face hurdles such as complex applications and duplicated checks. To reduce friction, the regulator is focusing on Consumer Credit Act reform, unlocking open finance with SME lending as a priority use case, and monitoring industry efforts around digital verification. The FCA has also shared findings outside its direct regulatory remit with relevant government departments.