The Financial Conduct Authority (“FCA”) has sent an information request to the largest banks and building societies.
The FCA has requested information on:
- 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; and
- The number of complaints banks have received on these issues.
Through the request, the FCA aims to better understand the scale of account closures and the reasons behind them. Firms have until 25th August 2023 to provide the requested information.