FCA Rejects Lawmakers' Calls To Ease Bank Account Rules

Law360, London (June 21, 2019, 6:19 PM BST) -- The Financial Conduct Authority rejected recommendations from an influential group of lawmakers Friday to make it easier for customers to open bank accounts.

The Treasury Committee had made a series of recommendations to improve consumer access to financial services in a report published last month. Alongside suggestions to make sure branches and free-to-use ATMs are kept open, members of Parliament said the FCA should force banks to relax their restrictions on opening a basic bank account to make them accessible to all customers and protect those who risk being locked out of the banking system. 

However, in a written response Friday, Andrew...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!