Good grief. You can tell Steven Jones has only recently joined the ranks of the self-employed. The self-employed have never had easy access to credit except for the past few years. It's really back to normal in that respect.
Some of those interest rate quotes are truly shocking though
Having had considerable experience of banking's cautious nature, their reaction is not entirely surprising to me. But I've been looking at the risk side for banks quite closely now. I can't help feel we're in a stage similar to when the "new improved" LRA was introduced.
At first everyone thought it was near impossible to dismiss staff. Not true - it's not difficult at all. You just have to follow procedure.
It's much the same with the NCA. Follow procedure and it looks like you're going to be OK. Not that far off business as usual, in fact. Now all we need to do is master that procedure.
In saying that, the one thing I think that may be something of an irritant for banks are the debt-rescheduling provisions. Ultimately though, they'll get their money, just not necessarily as per original plan.
The other danger is gov decides to change the rules. There is some rather wide scope there. But if banking carries on with its current course, I suspect that gov is going to discover that dancing strikers aren't the only power group they need to pay attention to.
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