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James Sherwin Smith, CEO of Growth Street, comments on the Bank Referrals Scheme:
Any measure that raises awareness of non-bank business finance and promotes greater competition should be welcomed. However, while we know banks will now have to pass rejected applications for business finance to three designated platforms under this new scheme, it’s unclear what protections are in place to help businesses get the best deal from the proposed alternative finance providers.
- Are the designated platforms required to display offers from all alternative finance providers, so businesses can see the whole market?
- Given that designated platforms are paid commission by the finance providers, does this mean firms will be steered towards high cost finance providers that either pay the most commission or are the most likely to say yes?
- If the designated platforms are competing with each other for each referral opportunity, will businesses be encouraged to make a quick decision, which could mean that key terms and conditions are glossed over?
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Trust Travel, a TUI Brand, Partners With Qover to Deliver Seamless Travel Protection at Booking
Trust Travel, a TUI brand, has partnered with Qover to integrate travel protection into the customer booking journey
New Partnership Introduces First-of-its-Kind Model To Democratise Olympic Sailing
Sporta, the new financial home for UK sport, today announced a pioneering partnership with Performance Sailcraft and Magic
Offa Outpaces High Street Banks on Speed With Islamic Mortgage Launch
Offa has today launched a high street bank-beating Home Purchase Plan (HPP), the Islamic equivalent of a conventional residential mortgage
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Engine by Starling today announced a partnership with SBS Bank, a New Zealand-owned mutual, in its fourth international deal
New Visa Study Shows 9 out of 10 Ukrainians Want Their Payments to be Protected by Biometrics
New findings released by Visa from its Checkout Friction Report in Ukraine reveal that simplifying online checkout while maintaining robust security is key
NatWest Finalises Its Leadership Team With Latest Senior Hire Ahead of Venture Banking Launch
NatWest has appointed Ruari Phillips as Head of Venture & Growth Finance, a key leadership position in its rapidly expanding venture banking team