Bank Services: Charities

(asked on 13th November 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps to help support small charities to open bank accounts.


Answered by
Bim Afolami Portrait
Bim Afolami
Economic Secretary (HM Treasury)
This question was answered on 21st November 2023

The government recognises the importance of access to banking services for charities and community organisations. Last year, the Treasury hosted a roundtable event, bringing together lenders and representatives from bodies representing these organisations to discuss the issues these groups are facing. As a result of this roundtable, UK Finance, the banking and finance industry group, is now working with banks and sector representatives to identify any changes banks can make to simplify processes like changing signatories on accounts, and to produce guidance aimed at helping charities and community groups access and understand banking.

The government has legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash for individuals and businesses, including small charities. The government believes that all customers, wherever they live, should have appropriate access to banking and cash services. Customers can access their banking through a variety of channels, such as online, via mobile apps or over the telephone. Customers can also access their banking in-person by going to a branch, a shared banking hub or the Post Office, which allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.

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