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The banks. Whose side are they on?

“This is an industry that exists, as Martin Lewis, the founder of MoneySavingExpert, never tires of reminding us, to sell you stuff. Banks and insurers are not your friends. They are not on your side. They are there to make money out of you

I read the above in an article in the Financial Times by Jonathan Eley over the weekend, and it stuck as a poignant reminder. All too often we assume that the banks are there to help us. And we forget the fact that their main purpose is that they are there to develop their balance sheets – and it is in their interest to sell to us whether or not it is in the interest of the customer. Banks are not professionals, like accountants, solicitors or even ASC – our main business is to look after our clients, and our main asset is not in the balance sheet but in the goodwill of our clients. If we don’t deliver what our clients want, then there is simply no business for us.

And that is why banks sometimes treat you as a number, and not as a customer should be treated. That is why you are put through to call centres and kept waiting on hold when you want to speak to an individual.

We at ASC realise that some things might not ever change: that the banks might not always have your interests at heart, but we are on your side. This is why we offer a free initial consultation, with no obligation, to discuss your funding needs in detail. We want to ensure that we can go and get you the right finance for your business – and not sell you a product that you don’t need.

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