Property Management Companies: Bank Services
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the change in banks' policies on block management accounts on people who own apartment buildings.
Answered by Emma Reynolds
The Government is aware of ongoing action taken by some banks to restrict their services in respect of pooled client accounts, which may include block management accounts. We understand the difficulties this can cause for those whose accounts have been closed as a result.
The Government is considering changes to the regulations in this area, in order to improve access to pooled client accounts for the businesses which depend on them. Proposals on this issue formed part of the recent consultation on Improving the Effectiveness of the Money Laundering Regulations. The Government is reviewing responses to this consultation and will respond in due course.
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