The Locksmith Journal May-Jun 2016 - Issue 44 | Page 14

14 • INDUSTRYNEWS PROUD SPONSORS OF THIS PAGE Banks must do more to support small businesses The provisional recommendations from the Competition and Markets Authority (CMA) on changes to the retail banking sector should help small businesses. »»MEMBERS AT THE Federation of Small Businesses (FSB) called for a set of remedies that would demonstrably change consumer behaviour, with increased switching and more competition making high street banks improve. Structural change was not on the cards in this CMA report. However, it does propose changes to make it easier for small businesses to compare banks and switch more easily to get a better banking deal. Mike Cherry, FSB National Chairman, said: “Today’s banking market does not work well for small business. We welcome the package of measures aimed at boosting awareness of the Current Account Switching Service (CASS). Current levels of switching among small firms are far too low, with only 4% of FSB members switching in the last year. Small business owners are still not confident that switching banking products or services will be a risk-free, seamless process, and as a result, many choose not switch. A new awareness campaign and measures to make switching transparent are promising steps.” FSB agree with the CMA’s view that better transparency around prices, charges and availability of lending products will make it easier for small business customers to shop around. The proposals’ focus on a new online comparison tool should help businesses feel more confident when trying to find the bank that best suits their needs. Mike Cherry continued: “The CMA has tackled some of the more opaque practices of the high street banks. With £1.2bn charged each year for unauthorised overdrafts, proposals for a maximum fee cap and to introduce prompts and alerts for overdrafts at the end of free banking periods will combat a particularly poor practice that small firms face. This should encourage small businesses to shop around and switch.” Source: FSB Door hardware professionals better served in the North »»A NEW BRANCH OF THE Institute of Architectural Ironmongers (IAI) has been set up to support door hardware professionals in the northernmost regions of England. The North and Borders Branch encompasses the area previously covered by the North East Branch and spans all the way over to the West Coast and the borders. Meetings are held in Carlisle. Simon Sutton, national sales manager of Lorient UK, is branch chairman. He says: “The IAI branches provide quality CPD through a structured programme of presentations, and a platform for local architectural ironmongers to voice their opinions. We’re also there to encourage networking among the local AI community. “If you want to further your knowledge, add your voice, talk shop, present your products, or vent your spleen please come along and see us.” The inaugural meeting of the IAI North and Borders Branch in May was attended by more than 20 people including the IAI chairman, Mario Del-Signore, and a host of local architectural ironmongers, GAI Diploma students, manufacturers and industry experts. It featured a CPD session on environmental product declarations by GAI technical manager, Douglas Masterson. The next meeting will include a presentation by Carlisle Brass on enhanced security cylinder and protective hardware, and will also include a student evening beforehand for students to discuss and prepare for their upcoming examinations for the GAI Diploma. Further information on all IAI branches and activities can be found at: http://www.gai.org.uk/iai/ branches LOCKSMITHJOURNAL.CO.UK | MAY/JUN 2016 Sponsored by ALLEGION