City watchdog FCA accused of letting down small businesses mistreated by banks February 10, 2015 Small businesses who were mis-sold complex products by banks have been let down a second time by regulators, MPs claimed yesterday. The bosses of the Financial Conduct Authority told MPs on the Treasury Select Committee (TSC) that the victims are receiving fair compensation. “There have been complaints, some SMEs felt the process was unbalanced against them. [...]
Lloyds chief Antonio Horta Osorio warns breaking up banks will hurt small businesses February 10, 2015 Splitting off new high street banks from Lloyds and RBS has not helped boost competition for small businesses, Lloyds’ chief claimed yesterday. In a carefully worded warning to Ed Miliband – who wants to break up the big banks – Antonio Horta Osorio said other solutions are needed to help SMEs shop around. “Many things [...]
Grant Thornton Quoted Company Awards: Best of small businesses celebrated in style January 28, 2015 The Natural History Museum last night provided the stunning backdrop to the 11th annual Grant Thornton Quoted Company Awards, hosted by Grant Thornton LLP and Vitesse Media. The always enjoyable event celebrates the best in small companies. For those that couldn’t make it, some of the winners were - Chairman of the Year: Malcolm Diamond, Trifast, [...]
Taxpayers could lose £2bn as small businesses take government to court over interest swap investigation January 25, 2015 Small business in the UK are taking the government to court over their exclusion from a compensation scheme set up following the mis-selling of interest rate swaps. The swaps were complex products sold to a large number of business by UK banks. They were designed to provide protection against interest rate changes. But when [...]
Political uncertainty: The greatest threat to Britain’s thriving small businesses January 21, 2015 In the depths of the financial crisis, we were approached by a small house builder in the South East who was looking for finance to refocus his business towards the higher end market. A gamble at the worst possible time, you might say. But five years on, and his business is thriving. It’s a small [...]
“One small step for WeBank, one giant step for financial reform”: China opens its first private bank under pilot scheme to help small businesses grow January 6, 2015 Yesterday, China opened its first web-only private bank, with the intention of helping small and micro-sized enterprises secure loans that commercial lenders are often unwilling to give them, due to a higher perceived risk compared to larger companies. Chinese investment company Tencent owns 50 per cent of the new bank, dubbed WeBank (see what [...]
Exclusive: Britain’s small businesses are being held back by “digital immaturity” December 17, 2014 Britain's small businesses are missing huge opportunities by failing to adapt adequately to the digital age, according to research published today. The UK's embrace of the American retail tradition of Black Friday has served to highlight how businesses are falling behind their customers. Mobile has become a key part of the consumer experience. On Black [...]
Small businesses make plea to Amazon customers over 1p glitch December 15, 2014 Etailers hit by a glitch that caused thousands of products to be listed on Amazon for 1p have made a direct plea to customers in a bid to recover their losses and stave off bankruptcy. Video games seller Go2Games said it has appealed on its Facebook page to customers who bought products for 1p on [...]
How government is opening its supply chain – to small business’s benefit December 7, 2014 If you’ve never considered government as a potential client for your business, think again. Government spends £230bn every year on products and services across all layers – from central and local government, to the police, NHS, and emergency services. This may not previously have appealed to the small business owner, as the perception has always [...]
Small Business Saturday 2014: High street stores are not keeping up with the online era, research claims December 6, 2014 As Brits are being urged to get out onto the high street to mark Small Business Saturday new research shows consumers aren't too impressed with the pace of change in the country's small shops. Only six per cent of the public think local shops are sufficiently equipped for an era of online retail and more [...]