04 January, 2019
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.
Forbes Solicitors delivers 'fast response times' and demonstrates 'impressive industry knowledge'.
2018-19 edition Legal 500
Very thorough and precise with each contract and have made it very easy for us to feel very confident going into new territories, whether it being a different country or a different manufacturer.
Forbes was instrumental in ensuring Electric Coffee Co is able to meet its growth ambitions.
Electric Coffee Co
It is always a pleasure to deal with true professionals and specialists in their area and this is what you can expect when dealing with Forbes and, in our case, specifically Nick and Gemma.
Gareth & Janet Watson
The team not only provides professional and practical advice, but also takes a personal interest to understand the business and the matter at hand.
Leonard Curtis Business Solutions Group
The advice and service that we receive from Pauline and her colleagues is consistently professional, knowledgeable and efficient. They have a great ethos and are a pleasure to work with.
Focus Insolvency Group
What a pleasure to do business with Forbes - Pauline Rigby & Nick Pickup both understood my personal objectives and requirements
Former Business Owner
I would like to thank Jayne and the Business Law team for being so friendly, professional and patient throughout the sale.
We have been very happy with the professional service from Pauline Rigby and her colleagues in the Business Law team and the ease of purchasing our new business
Andrew M Jones
Internet Trading Ltd
I and the UCLan team wanted to acknowledge the support from your team, including Nick Pickup and Pauline Rigby. Their contribution has been much appreciated by both clients and our staff.
Head of Innovation and Enterprise
Sincere thanks for all the time, patience and professionalism from Pauline and Tricia in the completion of MAP12 contract terms and conditions.
Jayne & Anthony Mellor
It's a One Stop Shop as a legal entity, whatever problem we've got you've got someone to come and advise us or fix it
The Northcote Group
We have always found Forbes to be approachable and helpful and we look forward to a continuing professional relationship
Child Action Northwest
I have been extremely pleased with the legal team at Forbes and all their help
South Lakes Veterinary Centre
The team at Forbes have been professional, thorough, friendly and efficient from day one through to completion. We will certainly be using them again as we look to move our business forward.
S & L Wilson