117. We decided to support the Nesta Challenge Prize (now branded as the Open Up Challenge) as a way of creating one or more commercially sustainable SME comparison tools (Figure 16.2 Final Report). We identified the Nesta process as offering the best prospect for delivering in a timely manner an effective remedy though the entry or expansion of innovative SME comparison tools. We thought that because it was driven by competition rather than regulatory design it was more likely to give rise to innovative solutions and could also provide SMEs with ‘one-stop shop’ tools which do more than simply offer price comparisons (paragraphs 16.71 and 16.72 Final Report). As stated in our Final Report, we would also welcome tools which cover a broad range of lending, as these would add value for SMEs (paragraph 16.90 Final Report). We envisage that the winner/s of the Open Up Challenge may offer a wider range of services than simply that of comparison.
118. We decided to require RBSG, LBG, Barc
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