Business: Bank Services
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the transparency of business bank account fees.
Answered by Emma Reynolds
The Government recognises the importance of transparency in business bank account fees, enabling businesses to make informed choices when selecting banking services. It is important that businesses shop around for their banking needs as this drives competition, improves choice and helps keep prices competitive.
There are a number of policies that help facilitate this: small businesses with fewer than 50 employees and an annual turnover of less than £6.5m are able to use the current account switch service – designed to make it easier to shop around for their business current account.
The Financial Conduct Authority, as the independent regulator, sets requirements for banks to ensure that fees and charges are communicated clearly and fairly to customers, where such activity falls within its regulatory remit.
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