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Treasury Committee seeks update on state of business current account market

Source: UK Government

There have been reports that small- and medium-sized businesses are facing difficulties and delays in opening new business current accounts.

Correspondence from the chair to Barclays; HSBC UK; Lloyds Banking Group; Metro Bank; Natwest Group; Santander UK
Treasury Committee

Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has written to six financial institutions in the UK to find out more about the state of the business current account market.

The questions to the financial institutions include whether their criteria for opening business accounts has changed since the start of the pandemic, whether waiting times have increased, and how customer complaints are handled.
Commenting on the correspondence, Mr Stride said:

As the recovery from the pandemic gets underway, many SMEs will continue to need vital support from financial institutions.

It’s critical that these institutions are adapting to the requirements of SMEs as the economy starts to pick up.

The Committee wants to know more about the state of the business current account market, and whether action needs to be taken to mitigate the difficulties faced by SMEs."

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