The Financial Conduct Authority #FCA has published a report of its initial findings on UK payment account access and closures, having collected data from 34 firms to understand the scale and reasons for account closures.
The report provides information on:
➡️ The wider context of account access and closures;
➡️ The regulatory framework around account access and closure;
➡️ Results from the FCA’s data collection exercise on account access and closures;
➡️ Our supervision of personal account access;
➡️ Business accounts and access; and
➡️ The FCA’s conclusions and next steps.
Firms should read the report to gain insights into the current and future work of the FCA regarding account access and closure, and how their processes may be affected.