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The abolition of cash – a good or bad thing?

By all accounts the authorities don’t like cash: it fuels the grey economy, reduces the tax take by allowing people to hide undeclared income, and makes it easier for terrorists, criminals and drug dealers to carry our their dastardly deeds. Cash is also expensive to transport and store, and is not very secure – you can easily lose it, it can be forged and it can be stolen.

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Common misconceptions about banks, and about lending

In this article, we will try to correct a few of the common misconceptions about banks and about lending. By ‘misconceptions’ we mean those things that can undermine a borrower’s prospects of arranging finance on beneficial terms, because they lower their expectations and make it more likely that they will either accept inferior terms, or give up at the first sign of a set back.

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Borrowers – beware of conflicts of interest!

The high street banks could be facing another bill for mis-selling. The issue at the heart of the problem – the inherent dangers in the lender/ broker relationship – sounds a clear warning for business borrowers.

The Financial Conduct Authority could decide to introduce new rules following a recent landmark court ruling concerning the non-disclosure to customers of high commission payments made to lenders and brokers when selling financial products.

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Alternative finance – a change for the better?

Alternative lender Close Brothers issued a report earlier this year in which it identified that 33% of SMEs have never changed to a new lender. The reasons included a lack of time, being unsure of options and fear of being penalised by their current provider. Of those that did move to a new lender within the last 10 years, almost a third moved to an ‘alternative’ (i.e. ‘non-bank’) lender.

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