FCA Urges Banks to Review Account Denials and Closures

Britain's Financial Conduct Authority (FCA) has called on banks to reassess their policies regarding account denials and closures, ensuring that vulnerable consumers aren't unfairly impacted. The FCA found no accounts closed over political opinions in 2023, but urged banks to support those struggling to open accounts.

Britain's financial regulator, the Financial Conduct Authority (FCA), on Wednesday, called on banks to review their policies on account denials and closures to ensure vulnerable consumers are not unfairly excluded.

The FCA stated it found no evidence that accounts were closed due to lawfully expressed political opinions in 2023.

In its report, the FCA urged banks to better assist individuals seeking to open accounts and reminded providers to adhere to their legal obligations.

(With inputs from agencies.)