In summary, the Regulations aim to strengthen protection for SMEs, while also facilitating access to credit, by introducing specific requirements that regulated lenders must comply with such as: giving SME borrowers transparency around the application process; providing SME borrowers with reasons for declining credit, in writing, that are specific to their application; providing protections for guarantors of SME credit; providing SMEs with the option of an annual meeting to review their credit facilities; contacting SME borrowers who have been in arrears for 15 working days; warning SME borrowers if they are in danger of being classified as not co-operating; and providing SME borrowers with the right of appeal.
We have produced a Guide for SMEs on these Regulations which is available on our website and I would encourage you all to read this4. ISME were a key stakeholder for us in undertaking the development of these Regulations and I would like to thank ISME for its very constructive engagement in this work and its assistance in circulating our Guide to its members.