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|UK’s banking industry has long been dominated by a culture of inertia|
|Friday, 23 October 2015|
|Mark Sismey-Durrant, Chief Executive Officer at specialist challenger bank Hampshire Trust Bank, responds to Competition and Markets Authority (CMA) provisional findings published today: “The UK’s banking industry has long been dominated by a culture of inertia. Most people stay with the same bank for life and it’s usually the one their parents chose for them. This attitude is also reflected in business, with many SMEs going to their personal bank for business banking in the belief that they will get a better deal. As highlighted in today’s CMA report, there are often much better options out there for small businesses. Challenger banks can offer highly flexible finance solutions where the bigger banks haven’t been able to offer support. SMEs are the heartbeat of British business, with the help of challenger banks and alternative finance we are confident this tradition will continue.”|
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