About the policy

HM Treasury (HMT) have the power of designation ^{Read footnote text 1}  based on advice ^{Read footnote text 2}  provided by the British Business Bank, who undertake a process of due diligence.

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Yes. Under the Regulations ^{Read footnote text 1}  additional platforms and banks ^{Read footnote text 2}  may be designated. Also existing platforms and banks could lose their designation.

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Platforms are commercial enterprises and need to generate income from the service they provide. This can be achieved in a number of ways such as by charging lenders to be included on the platform or by fees charged based on funding provided. Businesses will not be charged to use platforms.

The FCA enforces compliance with the regulations by the designated banks and platforms.

You can find more information about the platforms and the referral process on the UK Finance website.