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CMA INVESTIGATION WILL TACKLE LONGSTANDING BUSINESS BANKING CONCERNS, SAYS BCC

Home / News & Opportunities / Member News

Date: 06/11/2014

Commenting on today’s decision by the Competition and Markets Authority (CMA) to launch a full-scale investigation into SME banking, John Longworth, Director General of the British Chambers of Commerce said:

“This is undoubtedly the right decision as businesses want more competition and greater choice in the banking sector. For many years Britain's dysfunctional banking sector has struggled to meet the needs of SMEs, impeding the growth prospects of some of our most promising young companies. The independent Business Banking Insight confirmed that a large number of firms across the country are unhappy with the level of service they receive from their bank.

“This investigation represents a unique opportunity which must be seized, in order to deliver real change in the banking sector. We call on the government to commit to implementing the findings of the CMA's investigation to restore trust, transparency and relationships between lenders and businesses.”