UK's Treasury Committee reports 140,000 business accounts closed by banks in 2023.

UK's Treasury Committee found over 140,000 business accounts were forcibly closed by banks in 2023, with 2.7% of the 5.3 million accounts held by small-to-medium businesses affected. The reasons provided by banks for the closures included risk appetite, financial crime concerns, and lack of information-sharing. The committee also highlighted concerns about banks giving a range of reasons for closing accounts with little notice.

February 28, 2024
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