Small Businesses

Woman at Business Meeting

A new survey of smaller firms conducted by the Business Banking Resolution Service (BBRS) shows that the majority of them trust banks, but that they are also regularly experiencing issues with them.

This study saw the BBRS speak to a total of 750 people running small and medium-sized enterprises (SMEs). The results show that 91% of them trust their banking providers when it comes to managing their business accounts, but that one out of every nine frequently encounters issues with them that cause concern.

The BBRS study found that 93% of the SME owners that took part would be prepared to confront their bank should such a problem arise. Of those that have been forced to do that in the past, 61% stated that the problem was dealt with effectively, while 37% said that they were not happy with how their bank had responded.

Although it was not a question raised by the study, having accountants in Goole or whatever area they live in deal with all financial matters may be one way for smaller firms to get banking issues resolved more efficiently.

Another is for the BBRS to mediate in such disputes. This independent body was set up for that purpose, and the process of resolving clashes between banks and businesses is led by Alexandra Marks CBE in her role as Chief Adjudicator.

Speaking to London Loves Business, Dirk Paterson from the BBRS said that the results showed it was important to ensure SMEs knew what options were available to assist them.

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