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Banks must
do more to
support small
businesses
The provisional recommendations
from the Competition and Markets
Authority (CMA) on changes
to the retail banking sector
should help small businesses.
»»MEMBERS AT THE
Federation of Small
Businesses (FSB) called
for a set of remedies
that would demonstrably
change consumer
behaviour, with increased
switching and more
competition making high
street banks improve.
Structural change was not
on the cards in this CMA
report. However, it does
propose changes to make it
easier for small businesses
to compare banks and
switch more easily to get a
better banking deal.
Mike Cherry, FSB
National Chairman, said:
“Today’s banking market
does not work well for small
business. We welcome
the package of measures
aimed at boosting
awareness of the Current
Account Switching Service
(CASS). Current levels of
switching among small firms
are far too low, with only 4%
of FSB members switching
in the last year. Small
business owners are still
not confident that switching
banking products or
services will be a risk-free,
seamless process, and as
a result, many choose not
switch. A new awareness
campaign and measures to
make switching transparent
are promising steps.”
FSB agree with the
CMA’s view that better
transparency around prices,
charges and availability of
lending products will make
it easier for small business
customers to shop around.
The proposals’ focus on a
new online comparison tool
should help businesses feel
more confident when trying
to find the bank that best
suits their needs.
Mike Cherry continued:
“The CMA has tackled
some of the more opaque
practices of the high street
banks. With £1.2bn charged
each year for unauthorised
overdrafts, proposals for
a maximum fee cap and
to introduce prompts and
alerts for overdrafts at
the end of free banking
periods will combat a
particularly poor practice
that small firms face. This
should encourage small
businesses to shop around
and switch.”
Source: FSB
Door
hardware
professionals
better served
in the North
»»A NEW BRANCH OF THE
Institute of Architectural
Ironmongers (IAI) has
been set up to support door
hardware professionals in
the northernmost regions of
England.
The North and Borders
Branch encompasses the
area previously covered
by the North East Branch
and spans all the way over
to the West Coast and the
borders. Meetings are held in
Carlisle.
Simon Sutton, national
sales manager of Lorient
UK, is branch chairman. He
says:
“The IAI branches provide
quality CPD through a
structured programme of
presentations, and a platform
for local architectural
ironmongers to voice their
opinions. We’re also there
to encourage networking
among the local AI
community.
“If you want to further
your knowledge, add your
voice, talk shop, present your
products, or vent your spleen
please come along and see
us.”
The inaugural meeting of
the IAI North and Borders
Branch in May was attended
by more than 20 people
including the IAI chairman,
Mario Del-Signore, and a
host of local architectural
ironmongers, GAI Diploma
students, manufacturers
and industry experts. It
featured a CPD session on
environmental product
declarations by GAI
technical manager, Douglas
Masterson.
The next meeting will
include a presentation by
Carlisle Brass on enhanced
security cylinder and
protective hardware, and
will also include a student
evening beforehand for
students to discuss and
prepare for their upcoming
examinations for the GAI
Diploma.
Further information
on all IAI branches and
activities can be found at:
http://www.gai.org.uk/iai/
branches
LOCKSMITHJOURNAL.CO.UK | MAY/JUN 2016
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