BusinessCompany NewsBanks told to help SMEs

Banks told to help SMEs

The Department of Trade and Industry is on the brink of announcing proposals to simplify the process that enables SMEs to switch between banks.

DTI ministers are concerned that SMEs should have an easier time finding the best deal among the main banks and that the banks themselves must reduce the complexity of transfering from one bank to another.

A Competition Commission report into the supply of services to SMEs has already concluded that a number of complex monopolies exist among the banks.

Reports in the press point toward ministers demanding that banks allow the creation of ‘portable credit histories’ to allow SMEs to move banking providers.

The commission’s report concludes that some bank practices clearly restrict competition in the provision of services to SMEs.

Links

Government failing SMEs

Accountants important for SME scheme

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor