North West companies are being offered free help and advice by Forbes Solicitors, so that they are aware of the potential benefits and pitfalls of the Royal Bank of Scotland Business Banking Switch.
The Switch, due to be launched on February 25 2019, is aimed at increasing competition in the UK business banking sector in the wake of the financial crisis of 2008 and 2009.
This scheme is designed to provide RBS business and commercial customers with offers, to move to other providers, that are better than those normally available on the market, and may range from free banking to cash incentives.
Pauline Rigby, Partner and Forbes’ Head of Corporate and Richard Clithero, Partner in Commercial Property, have drawn up a strategy to help businesses, many of whom are still unclear about how the Business Banking Switch could affect them.
And they are offering a free one-hour consultation for businesses to help guide them through the process.
Pauline said: “If this concerns your business then it’s important that you formally register your interest with RBS so that you are kept abreast of all developments and that you’ll be one of the first to hear the news once the Scheme launches in February.
“Once you have chosen an offer your switching process will begin. As a borrower you need to be able to negotiate with the big institutions and to assist in those negotiations you need to take advice from an expert who knows the market and their way around the documentation.
“Our banking team act for many lending financial institutions as well as companies and management teams. Our team will help cut through the fog of the banking documentation and review and negotiate all facility agreements (which may require innovative solutions) and security documentation. We also have vast experience in preparing reports on title on the property aspect of the transaction.
“We have a team of people who can guide you through the options, focusing on your needs and key commercial objectives. Whatever the deal that is being proposed to you, we have the expertise to achieve the best result for you. Our goal is to give pragmatic, commercial advice and provide an effective and quick service.”
RBS made a commitment to help increase competition in UK business banking and decrease its own market share after receiving financial support from the UK Government during the financial crisis.
Business Banking Switch has been set by Banking Competition Remedies Limited (the BCR), an independent body that has been created to oversee the scheme and make sure it’s run fairly.
The BCR has been receiving applications from banks wanting to take part and reviewing their offers before confirming the participating banks.
"As a borrower you need to be able to negotiate with the big institutions and to assist in those negotiations you need to take advice from an expert who knows the market and the documentation"
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