Friday, August 31 14:51:38
In response to the miserly Ulster Bank redress policy issued today, ISME, the small business organisation, has demanded a flat compensation figure for all accounts. All Ulster Bank customers should also receive a free credit report to assist in the reassurance that their credit history has not been compromised, due to the recent 'cock-up' by the bank. ISME also called for a compensation amount to be paid to all Ulster Bank affected accounts, without the need for copious documentation and investigation, which only increases cost and compounds the damage done by the bank. Both Ulster Bank customers and clients of other banks have been inconvenienced due to the inept management of the so-called technical hitch, which took over a month to rectify and which will have repercussions for months to come. Commenting, ISME Chief Executive, Mark Fielding stated "there is a duty of care on the Ulster Bank to ensure that customers' credit rating is unaffected by the bank's mistakes. To assuage all SME customers' fears, the bank should, as a matter of course, have credit reports issued to all their SME customers, without the need to request them." "With regard to the miserly compensation being offered, it will cost small business owners more than the compensation to make a claim, to include bus tickets, phone bills and travel receipts. The bank should pay a flat compensation figure to all business accounts and those who have expenses in excess of that can claim in the manner prescribed," he continued. The redress proposed by the Ulster Bank will be seen by all SME owners as a miserly sop, and a measure of the esteem that SMEs are held in Ulster Bank, adding insult to the damage already caused to business by their own inept handling of the IT system fiasco and their 'Paddy Last' solution.