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Small businesses need support with financial complaints, say banks

British banks want SMEs to be given stronger powers they can use when they need to make a complaint about a financial institution.

Recently, the UK Finance industry group accepted that change was necessary when it came to banking disputes. It agreed to accept many of the suggestions put forward following an independent review of how disputes were resolved, including the Financial Ombudsman Service extending its reach and powers. The approach the banks have taken regarding the proposed changes has been largely welcomed by various UK business organisations.

Matthew Fell, who is the Chief UK Policy Director of the CBI, said about the changes:

“These recommendations are steps in the right direction. The issue of SME banking disputes remain a critical issue for business. If we are to continue to rebuild trust between SMEs and the banks that serve them, we need solutions that not only deal with the legacy of the past”

These changes are something that accountants from Chester and beyond also welcome. They know, from experience the cash flow issues that are created when their clients are faced with difficulties that are related to loans and other banking services.

Having banking disputes settled quickly is critical for the financial health of any business. When disputes drag on, it becomes far harder for company owners to make decisions about the future. Without knowing whether it has the funds to do so, it is impossible for any business to make plans for expansion.

Posted by Mark
December 18, 2018

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