Small firms are turning their backs on bank managers as a source of financial advice, according to a new survey.
In news which might be of interest to business insurance customers, a study by the Forum of Private Business (FPB) reveals that only 47 per cent of owners look to their bank manager as a trusted adviser.
This compares to 70 per cent of respondents who go to their accountant for financial advice.
However, 36 per cent of those asked have not met with their accountant or bank manager at all in the last year, something that Phil Orford, chief executive officer of the FPB, describes as worrying.
"It is a concern that they are not sourcing help more frequently, particularly in these testing times," he said.
A return to service standards of days gone by will help both small firms and banks, he added.
Yesterday, the FPB urged financial institutions to pass on recent rate cuts to small businesses.
