Santander Group: Fees and Charges
The question
To ask the Chancellor of the Exchequer, whether she has had discussions with Santander UK plc on its introduction of £120 annual charge for small business accounts.
Answered by Lucy Rigby
The Government regularly engages with a wide range of stakeholders across the financial services sector including Santander.
While the Government recognises the concerns of long-standing customers who signed up to different business accounts, decisions regarding the products offered and any associated charges are commercial matters for individual firms. The Government does not intervene in these commercial decisions but continues to monitor wider access to bank account provision.
The Government also recognises the importance of transparency in business bank account fees, enabling businesses to make informed choices when selecting banking services. Encouraging competition in financial services helps stimulate a strong and diverse market for SMEs, improves access to finance, and ensures that businesses benefit from competitive pricing and improved choice.
The Government is committed to ensuring that SMEs are treated fairly by banks and have access to the financial services they need. That is why the Financial Ombudsman Service has jurisdiction over 99% of business banking disputes, providing a wide safety-net for businesses and an important avenue for redress where SMEs feel they have been misled or unfairly charged.
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