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Fewer than a fortnight later, the EZV was compelled to publish another "Dear Managing Director"; this again it warns creditors against dealing with clients of small and medium-sized enterprises. Although the credits in dispute were business credits, and although business credits are not governed by the Financial Services and Markets Act 2000 (Regulated Activities), the FCA did not prevent measures from being taken.
With regard to the RBS, the FCA will request that an impartial professional be nominated in accordance with the authority of the FCA under section 166 of the Financial Services and Markets Act to investigate accusations in the RBS report against RBS practice. What can the FCA do to control "non-regulated" goods? "Under the Consumer Credit Act, I have an obligation to ensure that licence applicant (s) are able to carry out the activity for which they wish to be authorised and to supervise the continued suitability of those to whom the licence has been issued.
If my office has proof of such practice, I can and will take measures to reject or withdraw the granting of credits to those affected. Though the FCA approaches 16 years later do not differ from the OFT's and today's FCA position confirms that regulatory companies must act with Integrity in all their doings.
Simply put, they must be fair to consumers, whether or not they have a regular or unregulated commodity.
Industrial loans | Real estate supported industrial loans
The majority of depositors - most of them private persons and small enterprises - are included in the scope of the regime. A licensed depositor may request up to £85,000 in deposit under the system. In the case of shared holding, each accountholder shall be deemed to be entitled to his part. In the case of a community bank escrow agreement maintained by two legal depositers, the total amount that can be recovered is £85,000 (£170,000 in total).
This £85,000 cap applies to the total amount of all qualifying depositor's deposits with the offices of State Bank of India (UK) Limited, inclusive of their interest in a common bank holding and not to each individual bank holding as such. More information about the system, such as the amount funded and entitlement, can be obtained from your nearest office, on the FSCS website or by calling 0800 678 1100.