The need for firms to have access to an “innovative” financial services sector has been highlighted.

Businesses are in need of a “responsible” financial services industry, it has been claimed.

Firms on the search for business accounts may be interested in comments from Richard Lambert, director-general of the Confederation of British Industry (CBI), who states that despite the problems the sector has seen over recent years, changes must be made to ensure that organisations can access competitive products.

“A responsible and innovative financial services sector is of vital importance to the UK, both to meet the needs of businesses and consumers and to help the country pay its way in the world,” he notes.

Speaking as part of the CBI’s Future of Financial Services publication, Mr Lambert also states that the provision of innovative banking products will be crucial for helping Britain make its way out of the downturn.

Firms might also want to consider their use of UK accounts as the CBI’s director of corporate affairs Matthew Fell recently noted that despite some signs of economic recovery, many businesses will continue to face difficulties over the coming months.

Meanwhile, John Varley of Barclays claimed that fewer banks will play a larger role in the global industry over the coming years, something that could have an impact on business bank account requirements.

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