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|Small Business Challenger Bank claims CMA Banking Report lacks urgency|
|Tuesday, 09 August 2016|
Challenger banks looking for the Competition and Markets Authority to force banks to be more transparent and promote the services of the new entrants into the business banking sector, claim that their recommendations in their Banking Report will take too long to implement to be effective in the short term.
Whilst being supportive of the proposals to create a quality comparison model for businesses to assess the best proposition for them, the plans to create this through a high street bank funded initiative without any apparent indication of what it will look like and when it will be launched, points both to a sub-optimal solution and a slow roll out.
Alex Littner, Managing Director of Boost Capital, the online lender to small businesses, commented, ‘Despite the rapid growth of the challenger banks, the main high street banks continue to have a stranglehold on business lending by virtue of holding businesses’ day to day operating accounts. Too few businesses know what the loan alternatives are, and we are concerned that relying on a banks funding solution will lack focus and urgency. We are looking to the CMA to apply pressure so that the proposed information and comparison site is available within weeks rather than years.’
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