Chairman Ken Davy has pledged to set aside a proportion of member fees to cover any shortfalls faced by members. He says: “In essence, we are going to set aside significant funds from the fees we receive for our core services over the next four years. This will build up a multi-million-pound fund which will enable us to provide subordinated loans to members where circumstances make it appropriate.”
It will be available to current clients and members of the Simply Biz Group and new firms which join Simply Biz or Compliance First before April 6 next year.
Davy says SimplyBiz supports the principle of increased capital requirements but he has concerns about timescales and proportionality.