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ARTICLE · 16 SEPTEMBER 2024

De-Banking In The UK: An Update

Gherson
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The FCA's 2024 update on payment account closures highlights ongoing issues, such as non-specific financial crime concerns, inconsistent use of reputational risk, limited data transparency, and challenges for vulnerable customers.

United KingdomFinance and Banking
Gherson
Gherson

FCA update report on payment accounts and closures

In September 2023, the FCA published a report entitled "UK Payment Accounts: access and closures", which detailed findings from a review of issues relating to payment account access for individuals and corporations.

The FCA conducted follow-up work with respect to several areas. In September 2024, the results of this follow-up work were published in a report titled "UK Payment Accounts Access and Closures: Update". Unfortunately, this highlighted continued concerns over account closure and termination processes.

What reasons for closure did the FCA Update find?

Reasons for account closures and denials generally included:

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