Branch2 Intelligence
Banks accused of failing most vulnerable customers
Key takeaway
Banks accused of pushing homeless and financially vulnerable customers to online-only services, away from basic bank accounts.
- Step 11st-order: BBC investigation reveals banks pushing vulnerable customers away from basic bank accounts to online-only services.
- Step 22nd-order: FCA launches review or enforcement action, imposing fines and mandating process changes, increasing bank compliance costs.
- Step 33rd-order: Banks increase fees or reduce services on other products to offset compliance costs, affecting SME banking costs and access.
Source: BBC News — Business
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