Business ‘debanking’ complaints nearly double in a year as MPs warn of ‘unfair’ account closures April 22, 2024 The number of official complaints over business "debanking" has almost doubled in the last year, new figures show, as MPs accuse lenders of "unfairly" closing customers' accounts.
City minister: Debanking trend is a ‘great business opportunity’ for newer lenders February 28, 2024 City minister Bim Afolami has told MPs that big banks closing high numbers of small firms' accounts offers "great business opportunities" for newer lenders with different risk appetites.
More than 140,000 small business accounts were ‘debanked’ last year February 27, 2024 Big banks closed just under 142,000 small business accounts last year, according to the Treasury watchdog, as MPs scrutinise lenders' approaches to "debanking".
Debanking: First Farage, now London sex workers in bid to end ‘Victorian age’ lending February 22, 2024 London campaigners are urging the government and mayoral candidates to help drag the capital out of a “Victorian age” of banking.
‘Debanking’ driven more by cost and reputation than tackling financial crime, MPs find February 21, 2024 A group of MPs has accused banks of closing customers' accounts mainly due to cost and reputation, rather than clamping down on financial crime, amid a gulf between "debanking" and anti-fraud enforcement.
Revolut account closure lawsuit from late Russian oligarch’s son-in-law struck out by High Court January 25, 2024 A High Court judge has struck out a case brought by the son-in-law of a late Russian oligarch against Revolut for "unlawfully" closing his account.
The ‘debanking’ saga: What happened and where do the banks stand now? December 24, 2023 UK banking rules are in the midst of a shake-up after a turbulent year which saw former Ukip leader Nigel Farage spark a crisis at one of Britain’s largest banks.
Banks increasingly closing defence firms’ accounts, trade body warns December 19, 2023 Trade bodies are seeking to reassure the defence industry after more than a dozen firms in the sector had their bank accounts closed, with the Ministry of Defence warning that excessive ESG banking and investment policies are "dangerous" for national security.