The Forum of Private Business (FPB) has urged small businesses to shop around for banking services. This follows the decision of the Competition Commission (CC) to remove price controls on the four major banks.

The controls were put in place in 2003 to encourage competition among banks offering small business accounts. However, the CC has confirmed a provisional decision to lift the price controls that obliged the big four banks to provide SMEs with a minimum interest rate of 2.5 percentage points below the base rate or free money transitions.

Now the FPB is calling on small firms to encourage competition themselves by looking for the best banking deals.

Matt Hardman, the FPB's campaigns manager, comments: "It's inconsistent for business groups that campaign against regulation and believe in competition to support price controls. Our aim is to make competition work and encourage smaller businesses to negotiate with their banks, shop around for the best service, and change banks if they are not satisfied."