First reported by The Independent
Banks commit to improving basic bank account access after poor practice found
UK banks agree to improve access to basic accounts after FCA finds vulnerable customers being pushed toward unsuitable online applications
By
Kevin Peachey
1d ago· 2 min readenNews
Summary
The UK's Financial Conduct Authority (FCA) has found that major banks are failing vulnerable customers, including homeless people and those in financial hardship, by pushing them toward unsuitable online applications instead of providing access to basic bank accounts. These accounts are free, have no overdraft, and serve as essential banking for those who cannot open mainstream accounts. The nine UK banks and building societies that offer basic bank accounts have agreed to FCA demands to make access more straightforward.
Source
bskyUK banks agree to improve access to basic accounts after FCA finds vulnerable customers being pushed toward unsuitable online applicationsbbc.co.ukKey quotes
· 4 pulledSome of the UK's biggest banks have been failing their most vulnerable customers, according to the financial regulator.
Banks have been pushing homeless people or those in financial hardship towards unsuitable online applications and away from basic bank accounts.
These accounts are free, do not include an overdraft facility, and provide essential banking for those unable to open a mainstream account.
The nine UK banks and building societies which operate basic bank accounts have agreed to demands from the Financial Conduct Authority (FCA) to make access more straightforward.
Some of the UK's biggest banks have been failing their most vulnerable customers, according to the financial regulator.
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