BIPA members have responded separately to a BiS review to look at ways of enhancing the effectiveness of the Anti-Money Laundering and Terrorist Financing Regime. BIPA members play an important role in providing products to business that help them ensure their compliance in this important area.
BIPA met with HMRC to discuss the detail of how VAT Register Information will be made available to CRAs following the passing into law of the SBEE Act 2015. BIPA is engaging closely on behalf of the industry to make sure that once data is made available all of the necessary guidelines are strictly enforced and that the full benefits envisaged can be realised.
BIPA has responded to the BIS Consultation "The Register of People with Significant Control (PSC) Regulations 2015" following the passing into law of the Small Business Enterprise and Employment Act 2015. BIPA supports this new regulation and will continue to engage to make sure this important information is readily available.
BIPA's response can be accessed here
BIPA Members met with the Federation of Small Business (FSB) to discuss ways of improving communication between the CRAs and the small business community thereby enhancing awareness and understanding and to address any concerns FSB members may have.
BIPA was represented at a European Commission workshop held in Brussels to discuss how Credit Information on SMEs could be improved across the EU. BIPA had replied to a public consultation on the proposed Capital Markets Union earlier in the month and members contributed to a lively day of discussion as to the best models going forward.
The Government has today confirmed that the Small Business, Enterprise and Employment Bill has completed its passage through Parliament and has now received Royal Assent.
The Bill included several elements that will help widen the availability and transparency of data including non-financial VAT registration data, the establishment of a register showing the “Persons of Significant Control” behind companies, certain export data as well allowing the wider sharing of small business credit data via designated credit reference agencies.
BIPA met with representatives from the British Business Bank to discuss current activities. The Platform Referrals process which supports small businesses that have been rejected by banks for finance to find alternative lenders and the CRA Designation Process.
Business Innovation and Skills have published a discussion paper on "Duty to Report on Payment Practices and Policies". BIPA has responded and welcomes the proposal to increase transparency and availability of information on corporate payment practices and performance.
BIPA meet with representatives from the Bank of England to continue discussions on the feedback received on their discussion paper "Should the availability of UK credit data be improved?". BIPA is supportive of widening the availability of SME credit information, a main brief of the Bank of England discussion paper.
EU Data Protection Policy - BIPA has provided to the Ministry of Justice the Association's general comments on the proposed changes to the EU Data Protection Regulation.
BIPA would ask the Ministry of Justice to consider the economic benefits of data transparency when formulating plans for new EU Data Protection Regulation. BIPA believes that its members’ positive contribution to the economy will always be enhanced by the promotion of wider access to relevant information which enables company credit reports and scoring to be completed with greater levels of assurance resulting in more access to all forms of credit.