We request data from banks on account closures

The Financial Conduct Authority (FCA) has published a statement to inform and remind banks and building societies about the FCA’s data request in relation to account closures. This action comes subsequent to the announcement of a data exercise aimed at investigating account closure trends and in view of the most recently published policy paper on account contract termination and freedom of expression (please see EventID 22380 in this context).
Institutions will have until August 25, 2023 to furnish information on various aspects, including the quantity of terminated, suspended, and denied service customers, along with the underlying reasons for these actions. Additionally, the FCA seeks data regarding the number of complaints related to such actions (account termination, denial of new account, etc.). The submitted data shall take into consideration account issues of both private and business customers. A corresponding survey questionnaire and cover letter were published alongside this statement.
The FCA intends to evaluate the data and present an initial assessment by mid-September. The primary objective of this initiative is to gain a comprehensive understanding of the extent of account closures and the rationales behind them.