FCA regulated firms are required to submit the outlined information by 25 August 2023, contributing to an analysis of account-related actions, the results of which will be shared with the Chancellor, alongside ongoing engagement with leading payment firms.
- the number of customers that have been terminated
- the number of customers suspended
- the number of customers denied services
- the reasons for all of the above
- the number of complaints banks have received on this issue
This will include asking if accounts have been closed because of expressions of political or other opinions.
The FCA is asking about both personal and business customers, including pawn brokers, charities and political parties. They will analyse the results and provide an initial assessment by mid-September. The FCA is undertaking this work to better understand the scale of account closures and the reasons behind them. They will share their analysis with the Chancellor. They are also actively engaging the largest payments firms on this topic.
Letter to firms dated 9th August 2023
https://www.fca.org.uk/publication/correspondence/freedom-expression-provision-banking-services-information-request.pdf
Information Request Questions
https://www.fca.org.uk/publication/corporate/provision-banking-services-information-request-questions.pdf
Freedom of Expression and the Provision of Banking Services Letter
https://www.fca.org.uk/publication/correspondence/fca-chancellor-freedom-expression-provision-banking-services.pdf
