If you apply for a loan for your business and your request is turned down you can launch an appeal for your application to be reviewed.
Each bank has its own process to handle these appeals but Britain’s largest banks have developed a set of commonly agreed principles. These principles will ensure that, across these institutions, all appeals are handled fairly, promptly and transparently.
The new principles will be monitored and scrutinized by an independent and external team of reviewers. Led by Professor Russel Griggs OBE, the independent reviewers will produce an annual report on the effectiveness of the appeals process in April 2012.
The way in which you launch an appeal with differ depending on your bank, but if you are declined lending your bank will write to you setting out their appeals process. Appeals don’t launch automatically, so it is up to you to generate an appeal if you believe you have been declined unfairly.
You can submit an appeal after any formal request for lending has been declined – this means any application that has gone through a credit assessment, after the bank has received all the relevant information from you to make a decision.