The banking industry's latest attempt to heal its tattered relationship with the small business sector has been welcomed by Essex traders.

The British Bankers' Association's new business banking code, which comes into force at the end of this month, will guarantee small businesses industry-wide service standards and provide them with detailed advice on standards, products and financial crisis management.

The launch of the new code comes just weeks after the Halifax found itself in hot water with small businesses after a national newspaper suggested that it had a policy of deliberately snubbing small traders, particularly new business start-ups, taxi drivers and market traders.

Ken Wickham, chairman of the Essex branch of the Federation of Small Businesses said: "Small businesses in Essex are experiencing ongoing problems with their banks.

"The general feeling is that they are not very sympathetic to small traders.

"It's finally got to the stage that the banks have realised that they have to do something about it, and I am sure that this sort of thing will help a lot."

Published Wednesday, March 13, 2002