Chuka Umunna – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Chuka Umunna on 2015-01-15.

To ask the Secretary of State for Business, Innovation and Skills, pursuant to the Answer of 1 October 2014 to Question 206270, what (a) safeguards and (b) monitoring processes and producers are operated by his Department or the Business Bank in relation to the Enterprise Finance Guarantee Scheme; what scrutiny of lenders takes place routinely; and what data his Department collects on the operation of the Enterprise Finance Guarantee Scheme by lenders.

Matthew Hancock

Participating lenders under the Enterprise Finance Guarantee (EFG) scheme are subject to a continuous cycle of risk based and thematic independent audits to monitor their compliance with the scheme. Regular communications and meetings take place with lenders to discuss the results of the audits, additional correspondence and EFG related complaints. Oversight is enhanced through analysis by the British Business Bank of the transactional data recorded by the lenders.