More business friendly banking
Local MP, Andrew George, will take part in a local business banking seminar in Penzance tomorrow afternoon.
The event is being organised by Barclays Bank and will take place in the Market Jew Street branch from 3 pm. Mr George is urging other business lenders to hold open seminars with local businesses to hear at first hand the challenges many of them are facing in the present economic climate.
Mr George said that he had taken up the concerns of many local businesses and sole traders who had complained about the way in which high street banks had treated them in recent years. He pointed to the short notice changes to lending, foreclosing of accounts without warning, mis-selling of Payment Protection Insurance (PPI), the mis-selling of interest rate swaps and other banking products which have left struggling small and medium size businesses with significant challenges, which have put some out of business.
Mr George said, “No bank is immune from the criticisms and complaints which have been brought to my attention over the last few years. However, I congratulate Barclays on putting on a seminar like this. I hope that those other banks which have not yet done so will be doing the same. I shall certainly be urging them to do so.”