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Little change in small business banking

Competition Commission recommendations on banking for small businesses have made very little difference to small business owners, says Moneyfacts.

In October 2002 Business Moneyfacts devised three “hypothetical businesses” in order to demonstrate the probably levels of charges for different kinds of business.

The experiment was repeated this month to see if the expected sweeping reductions in bank charges had materialised. The results of the most recent research reveal very few actual changes.

Nikki Cann, editor of Business Moneyfacts, says: “A new small business customer looking for an account would still be wise to shop around for the best deal. The fact is that the recent changes have made very little difference to anyone looking for a business bank account.

“Most banks have opted to pay interest on credit balances, but at the suggested minimum rate of 2.5% below base rate – effectively 1.5% – the balances needed to offset any charges would be enormous.”


FSA makes enforcement a priority for 2003

The FSA has put enforcement at the top of its agenda for 2003 and 2004, alongside a commitment to pick up potential mis-selling scandals faster. The regulator envisages a 3.1% increase in expenditure next year to fund developments, including an increase in the enforcement team and extra resources channelled to influencing European policy-making. Howard Davies, […]

Future does a U-turn on lending rules

Future Mortgages has reversed changes to its second charge lending criteria after brokers and packagers began to query the new rules introduced by the sub-prime lender. A director of one packager told Mortgage Strategy: “Future is asking us for two years&#39 proof of residency on second charge deals even if the customer is on the […]

Consumer Panel calls for review of law on financial advertising

The Financial Services Consumer Panel has highlighted legal restrictions on the FSA which the panel says are harming more consumers than they help. Colin Brown, chairman of the panel, has written to FSA chairman Howard Davies, setting out the Panel&#39s concerns. As the law stands, once the FSA has received a complaint about an advertisement […]

Retail savings market sees growth

The European retail savings and investments market has grown 8.1% over the period 1997-2001, a report from Datamonitor reveals. The UK accounts for the largest market share, followed by Germany. Retail deposits is the largest sector, driven by households increasing savings due to the slowdown of the global economy. The UK holds the largest retail […]

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Consumer attitudes to protection

Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole. By Ross Jackson, Senior Protection Marketing Manager We surveyed people who had already taken out some kind of protection insurance and those who didn’t have […]


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