Bank of Scotland Flounts British Bankers Association Recommendations

Factoring Agreements

The Chief Executive of the British Bankers Association together with Lord Mandelson told the first meeting of the Government Small Business Forum two days ago that:

“The UK’s leading banks are committed to helping Britain’s businesses to weather the economic downturn”

and that:

“The UK’s banks want to see their customers flourish even in these testing times. We are determined to help our customers make the most of their businesses and part of that is to ensure they have access to finance as well as independent advice and help when times are tough”

At the same time the factoring division of Bank of Scotland was busy telling one of it’s customers who had the temerity to try and leave after being with them for over two years that they could either wait nine months until the third anniversary of their factoring agreement or stump up with a large fee to buy themselves out of it.

It’s interesting to see that in this day and age of easy in, easy out factoring agreements Bank of Scotland are still trying to handcuff their customers to stop them getting away.

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