Partner Article

Growth Street comments following CMA announcement today

James Sherwin-Smith, CEO of Growth Street, comments following the Competition and Markets Authority’s announcement of its new deadline for its Retail Banking Market Investigation: “We are disappointed that the CMA has decided to push its final report back until the middle of Summer 2016. The CMA said itself when it published its provisional findings in October 2015 that it had found a number of competition problems in the SME banking market, so this delay will only intensify the problems that small businesses face when seeking finance.

“Nonetheless, we welcome the publication of a new working paper, setting out the CMA’s thinking on its proposal to introduce a price comparison website for SMEs, as set out in its initial list of remedies in October. This remedy will only work properly if SMEs are provided with all the relevant information needed to compare products effectively across different providers.

“We have been campaigning to ensure that all SME financial products carry APR information, thereby injecting a greater level of cost transparency into the market. Without this important measure, SME finance products remain opaque, confusing and often costly.”

*ENDS*

James Sherwin-Smith is CEO of Growth Street, an alternative finance platform for SMEs based in the UK.

Growth Street is a better way to finance and grow your business. Growth Street operates an alternative finance platform for SMEs that offers borrowers better finance terms on business overdrafts and delivers a superior risk-adjusted return for lenders – a true B2B offering!

Our first product is a revolving credit facility – an overdraft alternative. Once opened, SMEs can borrow and repay at will, and only pay interest on what they borrow, when they borrow. We charge a single annual fee, and are always open and transparent about what we charge customers, and why.

James Sherwin-Smith is an engineer by education, a consultant by experience, and at heart a frustrated entrepreneur.

Whether working in a big corporate, a SME or brand new startup, James is passionate about the positive, disruptive impact technology can have on our world. James’ past employers include MasterCard and Oliver Wyman and his startup experience includes time at Hitmatic, ActiveMedia Technology and d4. James is an active angel investor and advises other small businesses in his spare time, including Fidel, a mobile loyalty app, and Ethos Foods, a meat-free restaurant.

For more information please contact

E: growthstreet@lansons.com

T: 02072943623

This was posted in Bdaily's Members' News section by James Sherwin-Smith .