Source · Select Committees · Treasury Committee
Recommendation 13
13
Acknowledged
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.
Government Response Summary
The government states a general commitment to ensuring SMEs have appropriate access to redress and proportionate regulation, but provides no specific actions regarding data collection or publication as recommended.
Paragraph Reference:
79
Government Response
Acknowledged
HM Government
Acknowledged
14. The Government is committed to ensuring that SMEs have appropriate access to redress now and in the future, with proportionate regulation and oversight of business banking.