Banks fail to pass on £7.5bn in interest to SMEs

Small and medium-sized businesses are losing out on £7.5 billion each year because banks are failing to pass on higher interest rates to companies with savings according to research by Allica Bank. The study of the business savings market by Allica Bank found that banks are systematically offering larger companies better savings rates while small…

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Monzo tops banking satisfaction rankings

16th August 2023 Consumer Lending | #banks

Challenger bank Monzo has topped of a ranking that gauges whether customers would recommend their bank, with a satisfaction rating of 80%. Monzo had previously shared first place with Starling Bank but now leads the way, with Starling in second and First Direct in third. Virgin Money and Royal Bank of Scotland came in joint…

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FCA proposes tougher curbs on branch closures

15th June 2022 Consumer Lending | #banks

The Financial Conduct Authority (FCA) is planning tougher curbs on bank branch closures, saying Banks and Building Societies will have to provide greater justification for closing a branch or cutting opening hours. The FCA is also consulting on requirements for more detailed analysis on how firms assess the impact on customers when they plan to…

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Banking competition is growing

21st January 2022 Alternative Consumer Lending | #banks

The Financial Conduct Authority (FCA) says competition in retail banking is growing, with a shift from large banks to small businesses. In an update to its 2018 strategic review of retail banking, the FCA says the increase in competition is providing more choice and lower prices for consumers. The analysis shows that the share of…

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