Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will hold discussions with the Financial Conduct Authority on levels of transparency in financial institutions over decisions to close (a) personal and (b) business accounts.

The Government recognises the importance of transparency with regards to consumers and businesses’ access to financial services products. The Government has recently consulted on the adequacy of the existing balance of rights and obligations between payment service users and providers in relation to users’ contracts and rules on termination, as part of its review of the relevant regulations – the Payment Services Regulations 2017. The Government is currently reviewing responses to determine if the legislative change is warranted, and will engage the Financial Conduct Authority as the competent authority where appropriate, on the basis of these findings. The Government is committed to bringing a Written Ministerial Statement before the House to report on the Government’s findings on this matter, and to set out if any changes to regulation are necessary, ahead of its formal response to the Review.