PLENITUDE INSIGHTS: Account Access and Closure

11 August 2023

Cover page of article on account closure

PLENITUDE INSIGHTS: Account Access and Closure

The way in which financial service firms make, document, and justify decisions on account access continues to be an area of focus for regulators, and is also high on the political agenda.

In this article, Imogen Cronin summaries the key findings from the FCA’s recent report “UK Payment Accounts: access and closures”.

With the legislative and regulatory landscape continuing to evolve, it is critical that firms remain attuned to these changes and adapt their policies, processes, systems and controls where required.

Conducted amidst ongoing “concerns about the scale of account closures and access to financial services” in the UK, the speed at which data from thirty-four banks, building societies, and payment companies was collected illustrated the criticality of this concern to the FCA.

The FCA concluded that a broad range of reasons drove the assessed firms to de-risk and in some cases, de-bank, including account inactivity and dormancy, financial crime suspicions, and reputational risk. The report introduces and reinforces important factors for firms to consider if they are to withstand scrutiny from the regulator, the industry, and their consumers.

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PLENITUDE INSIGHTS: Account Access and Closure

11 August 2023

PLENITUDE INSIGHTS: Account Access and Closure

The way in which financial service firms make, document, and justify decisions on account access continues to be an area of focus for regulators, and is also high on the political agenda.

In this article, Imogen Cronin summaries the key findings from the FCA’s recent report “UK Payment Accounts: access and closures”.

Speak to us to request a demonstration

Plenitude has supported a broad range of financial institutions to help them comply with their regulatory obligations and reduce their financial crime risk exposure, by providing deep subject matter expertise, advisory and transformation services.

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