Regulators in the UK Release Report on Banking Regulations
Date: 2023-09-19 Author: Dima Zakharov Categories: IN WORLD
The Reasons for Rejection:
According to the report, the most common reasons for rejecting, suspending, or closing personal and business accounts are suspicions of financial crimes and inactive accounts. Numerous organizations attempt to open bank accounts in the UK, but they encounter significant resistance from traditional institutions.
Crypto Industry and Banking Access:
The FCA's report highlights the cryptocurrency industry as one of the sectors for which payment service providers are reluctant to grant banking access. The FCA states that they have taken steps to influence decisions "to ensure market integrity."
Promoting Dialogue:
The dialogue between organizational leaders and banks "may help ensure a fair and balanced approach, as well as clarify the reasons for decisions and explore ways to alleviate concerns and potential risks."
No Evidence of Political Bias:
Previously, the media reported that the FCA's report found no evidence of banks closing accounts due to their clients' political positions. The report states, "We could not make detailed conclusions about the types of private or corporate clients affected by the issues."
"Expressing political views or any other opinion may have led to account closures or refusals to open accounts. However, there is no credible evidence for this. All industry participants must adhere to clear rules and comply with state laws. This approach to our work is based on neutralizing potential risks," said FCA Director Emad Aladhal.
