Alliance and Leicester Commercial Bank responds to the Competition Commission

Response on the provisional decision to lift price controls on the UK's four largest banks servicing small and medium-sized enterprises (SMEs)

Commenting on the Competition Commission's announcement Steve Jennings, Director of Business Banking at Alliance and Leicester Commercial Bank said: "We welcome today's announcement and the recognition by the Competition Commission of the gains that SMEs can enjoy from switching to a challenger bank such as Alliance and Leicester.

"We are pleased that the Competition Commission has highlighted its commitment to raise awareness amongst SMEs of banks' obligations to make it quick and easy for them to switch accounts, as this is something that we campaigned for with the OFT.

"The small business banking market has changed considerably since the Competition Commission implemented price controls, with a number of providers offering better value current accounts that can make a real difference to a business's bottom line.

"A growing number of small businesses are switching away from the traditional business banks and I would urge all businesses to review their banking regularly, to ensure they are receiving the value they deserve.

Earlier research carried out by Alliance and Leicester found that small businesses in the UK are missing out on over £500 million each year by not shopping around for the best deal.".

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