Bank Services: Closures
The question
To ask the Chancellor of the Exchequer, what steps she is taking to help protect small businesses from bank account closures.
Answered by Emma Reynolds
Banking services fulfil a vital role for businesses across the UK.
I recently laid legislation before Parliament which will require banks and other providers to give customers a longer notice period of 90 days before closing accounts and to provide a sufficiently detailed and specific explanation.
This will give people and businesses the time and information they need to challenge decisions or find an alternative provider.
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