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 Small firms hope for banking overhaul

The Telegraph reports that the Competition and Markets Authority (CMA) could force banks to make it easier for SMEs to switch provider say Harris & Co chartered accountants Northampton, the specialist small business accountants. While individuals can switch their current accounts to a new bank in seven days, taking their direct debits and inbound payments with them, small businesses find it harder to use the service. One banking source commented: “We are expecting something on SME switching. It could include sharing more information on business customers and their credit scores.” The CMA review is also expected to tell banks to make charges on personal current accounts clearer to customers, as the products which give the impression of being “free” to consumers often charge fees, from overdrafts costs to interest payments foregone.

Source: The Daily Telegraph (20/10/2015)

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