“We are pleased that the CMA is opening a wider inquiry into competition in the SME lending market. It is imperative that we identify why the market is not working in the best interests of customers at present and this inquiry will be key to ascertaining the challenges and potential solutions to this issue.
“It is highly concerning that the barriers to entry and expansion for newer and smaller banks remain significant and that the dominance of the big four continues, despite there being little difference in terms of the services they offer. Aldermore’s net lending has increased rapidly year-on-year at a time when business lending has been severely constrained, and more needs to be done to enable new entrant banks to deliver for SMEs where traditional banks are letting them down.
“Further changes remain necessary to reduce the grip that traditional lenders still have on the market through platforms such as the payments system, and in enhancing transparency and simplicity in banking for consumers.”
**Ends**
For further information, journalists can contact:
Johnathan Priestley, Cicero Group
Phone: 020 7297 5954
Email: Johnathan.Priestley@cicero-group.com
Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.