11 February 2015

Martin Wheatley comments on UK banks shunning customers

A number of UK banks have recently been advising FCA authorised firms to whom they provide bank accounts, facilities and client money accounts that they no longer intend to provide any services to the FCA authorised firm. Whilst making it clear that they have no reason to doubt that the FCA authorised firm is complying with all of its regulatory obligations, they simply see the firm's business model as containing too much regulatory risk for the bank, particularly if the firm's business involves remitting money for third parties or dealing in CFDs.

Martin Wheatley at the FCA has recently commented to the Treasury Select Committee about this problem. Further information can be found on the Reuters website.

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