FCA Update to Report on Payment Accounts Access and Closures

The Report follows up on the FCA’s 2023 findings that account providers had not terminated customers’ accounts because of their political views.

The FCA’s expectations of firms are updated and clarified in the following areas:

• The Consumer Duty and account access decisions;
• Basic Bank Accounts, including consumer awareness and documented decision-making;
• Data and monitoring of customer outcomes;
• Reputational risk; and
• Financial crime considerations.

FCA-regulated firms should review the follow-up report and take any appropriate action to ensure alignment with regulatory expectations.

💡 Revisit the FCA’s previous findings on de-risking and de-banking through our summary of the 2023 Report: https://www.plenitudeconsulting.com/news-insights/plenitude-insights-account-access-and-closure