Banks Failing To Offer Basic Free Accounts, FCA Says

Law360, London (February 11, 2020, 3:26 PM GMT) -- High Street banks are failing to offer fee-free products to individuals who are eligible to open a basic bank account, leaving more than a million consumers shut out of financial services, the Financial Conduct Authority said Tuesday.

The City watchdog said it found that staff at lenders fail to identify potential customers who are eligible for basic bank accounts or do not give them information about the product. Regulations allow Britons to open a basic account, which does not charge fees or allow access to an overdraft, without undergoing a credit check.

The product, which was introduced in the European Union under...

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