The Small and Medium Sized Business (Finance Platforms) Regulations 2015

Maintenance and removal of access to finance providers

This section has no associated Explanatory Memorandum

7.—(1) A designated finance platform must maintain access to information in relation to a finance application provided under regulation 6(1) until the earlier of—

(a)the end of a period of 30 days starting on the date by which such information states that the business to which the information relates requires finance or, if such date is not known, the date by which the business has requested finance; or

(b)the time at which the business to which the information relates informs the platform that—

(i)the business does not wish for any finance provider to further access such information; or

(ii)the business no longer requires finance, including where the reason for this is that finance has been provided to the business.

(2) The platform must not provide such access after either—

(a)the end of the period described in paragraph (1)(a); or

(b)the end of the first working day following the platform being informed that either of the circumstances described in paragraph (1)(b) applies.