Businesses rejected by their banks are starting to use a new appeals process but Vince Cable is concerned by the slow take up

Fewer than 100 small businesses have appealed lending decisions under the banking industry’s flagship complaints system, prompting the Business Secretary to call on the banks to raise its profile.

Vince Cable has also revealed confusion within Government about the role of the independent experts hired by the banks to make sure the appeals process is robust.

The appeals process was launched on April 1 as part of the banks’ response to fears they were turning business applications away without good reason.

Mr Cable told MPs last week that independent review team to the scheme led by Russel Griggs, the former chairman of the CBI’s small business council would handle cases if they were not taken up by the banks properly.“If they feel they have been treated unfairly they should appeal against it. I have met Russel Griggs, who has taken on the job, he is a tough and professional guy, and he will look at it very carefully and if the banks have indeed acted in an unfair way he will pursue it with them and make sure the companies achieve.......Click HERE to read more on this story