Advisory and Transformation
Industry News
The measures are expected to be introduced from 28th April 2026 following Parliamentary approval.
Key takeaways from the announcement include:
➡️ Banks and payment service providers (PSPs) will be required to give customers 90 days notice prior to account closure (an increase from the two months currently required);
➡️ Under the legislation banks and PSPs will not be able to close accounts without providing a clear explanation, and must communicate this in writing to the customer; and
➡️ Exceptions will be made so that firms can continue to comply with their financial crime obligations.
✅ Members of banks and PSP exit panels should review the announcement and begin liaising with customer outreach teams to prepare for the change.
💡 Plenitude’s Advisory & Transformation Services deliver transformation support, helping clients implement new systems and processes to improve efficiency and maintain compliance. Visit our website for more information: https://www.plenitudeconsulting.com/services/advisory-and-transformation
