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New data released to enable business banking comparisons

As of 15th August 2018, banks are obliged to publicly share information on how likely it is that their customers would recommend their services.

For business owners, being able to compare the quality of customer care and support that a bank offers is important. Particularly for small businesses, they may need fast and easy access to advice and additional funds.

This new data also covers the quality of overdraft facilities. For any company this can be a vital service to manage cashflow.

In today’s fast-moving environment, firms of all sizes can easily become unprofitable if they do not keep up with their competitors. Having easy access to funds to buy materials or pay overtime to fulfil urgent orders is vital, which is something that good overdraft facilities enables firms to do.

This new data is becoming available as a result of recommendations put forward by the Competition and Markets Authority (CMA). They are also calling for the Financial Conduct Authority (FCA) to change the rules further. The CMA wants to see all customers have access to even more information.

The aim is to drive banking standards upwards and make it easier for everyone to make informed decisions about who they bank with. In a press release, Adam Land the Senior Director of the CMA explained this. He said:

“This is one of the many measures – including Open Banking and overdraft text alerts – that we put in place to make banks work harder for their customers and help people shop around to find the best deals for them.”

Accountants from Wirral, and other parts of the UK also welcome these changes. It enables them to better support their clients, especially new entrepreneurs who may not have already opened a business bank account.

Posted by Peter
August 20, 2018
Small Business

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