FCA questioned over bank account closures
The chairman of the Treasury select committee has written to the Financial Conduct Authority following reports that thousands of NatWest customers had their accounts shut without warning. Mel Stride said he was concerned the bank may have frozen vulnerable people’s accounts “for no apparent reason” during a crackdown on money laundering. The regulator had asked banks to shore up their anti-money laundering systems earlier in the year. Stride asked FCA chief Nikhil Rathi what service standards the regulator expects from banks and how the watchdog is ensuring that banks treat customers fairly in relation to bank account closures.