CMA

Greater Competition in Small Business Banking Could Save Firms £1bn

Greater Competition in Small Business Banking Could Save Firms £1bn

Smaller enterprises could save up to £1bn over the next five years thanks to proposals announced today by the Competition and Markets Authority (CMA) which look to increase competition in retail banking. Among the proposals suggested was the development of new online comparison tools, new measures targeted at unarranged overdrafts and an improved current account switch service (CASS) to make switching banks more straightforward. The CMA highlighted statistics that show over 90% of small enterprises use the same bank for their current account and business loans with 60% staying with the same financial institution for over 10 years. On the back of these figures, the CMA has said it plans to make it easier for businesses to shop around for a current account with the aim to reduce business own... »