Aldermore responds to CMA Report on Banking Competition
Further to the provisional report by the Competition and Markets Authority (CMA) into retail and small business banking , Phillip Monks, CEO at Aldermore said:
“Aldermore welcomes the CMA’s provisional findings, and any activity that increases competition in the personal and SME banking markets.
“We have always highlighted that transparency is key to enabling individuals and SMEs to compare financial service products, and therefore welcome the CMA’s recommendation requiring the creation of a new price comparison website for SMEs. Aldermore already offers an SME rate checker service, which enables businesses to find out the current rate they are receiving on their hard earned surplus funds and to compare their current rate with those offered by Aldermore.
“In addition, more than two years ago, Aldermore became the first UK bank to invite existing customers to review our service via a rating and review facility, which enables our customers to share their views directly on our website.”