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Small businesses 'could be losing out financially'
04/05/2007
Small companies in the UK could be losing out on more than £1 billion a year as they are using low-paying business current accounts, a finance expert suggests.
Lee Tillcock, editor of Business Moneyfacts, states that there is a competitive business-banking market outside of the big four banks which companies may wish to take advantage of.
He indicates that the "challenger" banks, Alliance & Leicester, Abbey and Bank of Scotland, have all recently announced new offers for businesses.
Mr Tillcock said: "Reports by Cruickshank and the Competition Commission have seen levels of public concern increase regarding the lack of competition in the supply of business banking services."
He added: "It still remains the case that any small business looking for a new bank needs to weigh the price on offer against the level of service."
Lee Tillcock, editor of Business Moneyfacts, states that there is a competitive business-banking market outside of the big four banks which companies may wish to take advantage of.
He indicates that the "challenger" banks, Alliance & Leicester, Abbey and Bank of Scotland, have all recently announced new offers for businesses.
Mr Tillcock said: "Reports by Cruickshank and the Competition Commission have seen levels of public concern increase regarding the lack of competition in the supply of business banking services."
He added: "It still remains the case that any small business looking for a new bank needs to weigh the price on offer against the level of service."