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The Forum of Private Business (FPB) has called for banks to work harder to
understand the needs of smaller businesses, just two months before the launch of
its biennial Bank Survey.
The research is in its twentieth year and measures the working relationships
between private businesses and their banks.
The FPB’s Chief Executive, Nick Goulding, spoke following the launch of new
research from the Association of Chartered Certified Accountants (ACCA).
The new study on the relationship between small and medium-sized businesses,
their banks and their accountants in five countries across the globe was
welcomed by Mr Goulding.
He explained: ""The FPB, which represents around 25,000 small and medium-sized
firms across the UK, believes this work is an extension of the research it has
been carrying out for the last 20 years."
"The OFT’s recommendations included paying interest on current accounts, free
transmission and transaction charges and limitation on bundling of services.
"It will be revealing to see which banks our members believe have their
interests at heart.
"Banks have a critical role to play in helping smaller businesses to flourish,
not only by providing the investment capital that businesses need, but also by
providing support as they start up, invest and grow."
The ACCA report comes just two months ahead of the FPB’s Bank Survey.
The study showed that the level of understanding of SMEs by banks in the UK is
below the average across Germany, Hong Kong, the USA and Spain.
Satisfaction with charges and tariffs in the UK was also below average.
Goulding added: "Our own research has found that businesses’ overall
satisfaction with their banks in the UK had improved slightly between 2000 and
2004.
"Overall relationship satisfaction has been decreasing very slightly over that
time; there is still much the banks could be doing to improve their services for
smaller firms and cutting charges and tariffs would be a good start."
The FPB survey will be the tenth of its kind, with data stretching back over 20
years.
Source:
Credit
Control Journal
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