The Government has only just revealed plans to clamp down on unfair bank account closures, despite over 8,500 complaints made about this to the Financial Ombudsman over the last five years gracegausden93 reports
Earlier this month, the Ombudsman said there were a range of reasons customers complained their account was shut unfairly. This included that banks made a factual or administrative mistake, gave account holders conflicting information or advice, discriminated against them or didn’t give them enough notice.
They will also be required to provide a full explanation of their reasons for axing a customer’s account, in a move that the Treasury hopes will “boost transparency”. The new rules will require secondary legislation. A spokesperson for the Financial Ombudsman Service said: “Account closures should always be carried out in line with the bank’s terms and conditions. If consumers are concerned that they haven’t been treated fairly, they should contact the Financial Ombudsman Service and we’ll see if we can help.”
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