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News - 11 March 2014

Lending to small and medium sized firms under scrutiny

The Office of Fair Trading (OFT) said its analysis suggests business loans, to small and medium firms, come mainly from the major banks, and that these firms still find it hard to switch bank providers.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The Competition and Markets Authority, who take over as the UK's new competition body from April, said it would also do further analysis of the situation and decide this summer whether to launch an investigation into the matter.”

The CMA says it will build on the OFT's work in the sector.
"Our work suggests there many be competition concerns in this sector," said OFT chief executive Vivienne Dews.

The OFT said it had already worked with banks to agree measures aimed at improving information provided to bank staff dealing with small and medium sized firms.

If you need any help and advice on Budgets, Cash Flow Forecasts and Management Accounts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

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

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 

 

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