Harry Powell

📢 Allica Bank CEO Richard Davies was quoted in The Times yesterday about how a few smart regulatory tweaks could unlock £500 million more in SME lending this year 🚀   He covered:   🏦 Why high street banks are pulling back from SME lending 💰 How UK businesses think about debt, and how to build confidence ⏩ Why speed of decision-making matters more than ever   We’re proud to back the UK’s established SMEs that make up the beating heart of the UK economy – and too often get overlooked.   With over £3 billion already lent, we’re transforming relationship banking with great rates, smart people and powerful technology. And with the right support from regulators, we could do even more.   Let’s make it easier for established SMEs to get the money they need to thrive 💼   👉 Read the full article: https://lnkd.in/e8bbt8S2   #SMEs #businessbanking #fintech #regulation #growth

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We’ve fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. Banks are a vital line of defence in the collective fight against financial crime. We’ll continue to supervise firms to improve standards and ensure they have the right systems and controls to manage financial crime risks. https://lnkd.in/e--xCDzG #FightingFinancialCrime #FinancialServices #FinancialRegulation

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🎺 We've agreed an ENABLE Guarantee with finance provider 4Syte, supporting a facility of up to £100m. The transaction will unlock additional capacity, increasing 4Syte’s invoice finance and asset-based lending to smaller UK businesses. The funding is being provided by NatWest while the Bank is guaranteeing a portion of the funding and will help to support a doubling of the existing funding facility. “Working with a new delivery partner in 4Syte and alongside an established funder like NatWest, demonstrates our commitment to increasing the diversity of providers in the wider lender market, supporting them at whatever stage of their journey they are on," says Michael Strevens, Our MD, Structured Financial Institution Solutions.

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The £21M Monzo fine is a wake-up call for financial services. It's not about stifling innovation, but understanding that robust compliance and smart engineering are essential for growth and trust. In this article, our Managing Director of UK & Ireland and Head of European Financial Services Practice Rav Hayer breaks down the key lessons for a more resilient financial future: https://ter.li/idqs24

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