The report of the Competition Commission into the treatment of small business by the major clearing banks has been enthusiastically welcomed by Leslie Bland, Chief Executive of Newbury-based Close Invoice Finance, who has been a champion of the SME sector - and critic of the clearing banks - for many years.
Mr Bland, who has positioned the factoring and discounting arm of Close Brothers merchant banking group among the leading independents in the sector, believes the Commission’s report reinforces the message that he and other independents have been relaying for some time; it has exposed the approach, attitude and behaviour of the main clearing banks in their dealings with small businesses.
He felt the difficulties experienced by customers of clearing banks wishing to open accounts with independent factors had been accepted by the Commission who had noted the delaying tactics that the banks regularly adopted.
