UK200Group comments on news that three challenger banks have been admitted to the FTSE 250
A member of the UK200Group of independent accountancy and law firms has today commented on news that three challenger banks have been admitted to the FTSE 250. Aldermore, OneSavings Bank and Shawbrook will be formally added to the index on 19 June.
Duncan Montgomery, tax partner at UK200Group member firm Whittingham Riddell LLP, said: “The rise of challenger banks is crucial to diversity of funding arrangements for SMEs. Without the same structure they have the potential to give a more flexible approach to business. Aldermore, for example, has an approach that is great for certain businesses, and we hope the range will expand and encourage larger organisations to innovate further. That said, the big banks have some excellent products that simply need to get to market more actively as the right product is not easy for an SME to find without a lot of effort. Taking the time to identify the best option is a crucial investment for any SME.”