Author: Admin
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Debanked Decision From Ombudsman
The Financial Ombudsman Service receives 1,000’s of complaints each year from customers who have had their bank accounts closed and are not happy with the response they have had from their banks. The decisions the ombudsman comes to an an explanation as to to how they arrived at each decision are published on their website…
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Compensation For Distress
If your bank has acted incorrectly when closing your account the Financial Ombudsman service can make a ruling to decide the level of compensation the bank must pay you for distress and inconvenience. The full guidance on how much money is likely to be paid to you can be found HERE but whilst comprehensive it…
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UK Parliament – SME Finance Report Summary
This is a summary of the House of Commons Committee report, with recommendations to government. The Government has two months to respond. (the report was published in May 2024). The committee looked into the difficulties for many small/medium sized businesses in accessing banking and credit facilities. It highlights the growth in the number of accounts…
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Understanding the Rise of Account Closures in UK Banks: Debunking the Debanking Phenomenon
Over the past few years, there has been a significant increase in the number of personal and business bank accounts being closed by UK banks. This trend, often referred to as “debanking,” has raised concerns among individuals and businesses alike. In this article, we will explore the reasons behind this phenomenon and shed light on…