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News - 27 June 2013

Office of Fair Trading (OFT) announces market study on SME banking.

The OFT announced this week a market study on competition in banking for small and medium-sized businesses (SMEs) and are seeking views on its scope. The study is part of the OFT's continuing planned programme of work in retail banking.

The SME banking study will cover England, Northern Ireland, Scotland and Wales. The OFT is seeking views on its proposed scope, in particular on:

  • competition in the supply of banking services to SMEs - whether SMEs have access to services that meet their needs and represent good value
  • competition in the supply of lending or other finance to SMEs - such as whether any lack of competition between banks is holding back SME lending or other finance to SMEs
  • whether there are types of SME (for example, start-ups or small financial firms) that face particular difficulties, and if so why.

Clive Maxwell, OFT Chief Executive, said:
'A competitive banking system and access to finance is vital to businesses and to economic growth.

Lavinia Newman, founder of ABDS comments:
“The OFT will work closely with the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority on this review, and will contact the industry and SME representatives.”

If you need any help and advice for your business on financing, cash-flow, management accounts, business development or any other business related matter contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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