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...

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