Source · Select Committees · Treasury Committee
Recommendation 13
13
Paragraph: 79
Require banks to submit quarterly data on business account closures and publish aggregated forms.
Recommendation
The FCA should also require banks to submit quarterly data on business account closures to assist their wider review. The FCA should publish an aggregated form of this data on a periodic basis to improve transparency over business debanking and allow SMEs to make informed decisions on their choice of finance provider. The FOS should also continue to publish statistics on complaints from businesses around account closures. We would not want Environmental, Social and Governance SME Finance 37 measures requested by investors to be interpreted as meaning that businesses engaged in perfectly legal defence or energy activities were unable to open a bank account.
Paragraph Reference:
79
Government Response
A response document is linked to this report, dated 12 December 2024. Response attribution to this recommendation has not been verified. Read the response document ↗