Throughout 2024, and following several high-profile “de-banking” cases, we published various blogs including “What are the proposed new laws aimed at preventing de-banking?” and “Why the proposed new laws to try and prevent de-banking do not go far enough”.
This year individuals who feel that they have been unfairly de-banked, which is an incredibly frustrating situation to be in, continued to approach us.
We have previously outlined steps that individuals who feel that they have been de-banked can take. This includes making a formal complaint to the relevant bank, accompanied by a Data Subject Access Request (“DSAR”).
Below, we take a look back over some of the significant blogs we published throughout 2024 to try and assist individuals and companies in the unenviable situation of being de-banked.
June 2024 – Debunking de-banking
In June 2024, we explained what one can do to limit the chances of being de-banked and what to do if you are de-banked.
August 2024 – Challenging a De-Banking: Next Steps After a Bank Refuses Your Complaint
In August 2024, we explained what you can do if a bank rejects your complaint and the next steps to take to try and resolve the situation.
September 2024 – De-banking in the UK: an update
In September 2024, we provided an update on a September 2023 report by the Financial Conduct Authority (“FCA”) on “UK Payment Accounts: access and closures”, highlighted the FCA’s concerns and proposed the next steps.
October 2024 – Have you been de-banked? How to complain to the Financial Ombudsman Service
Finally, in October 2024, we revealed the data published by the Financial Ombudsman Service (“FOS”) about increased complaints surrounding banking issues and explained the process of lodging a complaint with the FOS.
NAVIGATING FINANCIAL INSTITUTION RELATED CHALLENGES
Adverse Information on Compliance Databases
We are also being increasingly approached by individuals who feel that incorrect and/or inaccurate data about them stored in compliance databases is having an adverse effect on their relationship with financial institutions, and who are facing subsequent issues, such as bank accounts being closed or difficulties in opening a bank account.
We have also written a serious of blogs on a basic overview of the main functions of compliance databases such as World-Check and how you can correct information about yourself on such databases?
Bank Account closures or “de-banking”
Finally, we are increasingly being approached by individuals who have been de-banked.
We have previously written about how other issues individuals may face, including account closures, are not limited to political figures in the UK and can affect many thousands of lawful individual and business customers every year. These cases have exposed the difficult balance many financial institutions and their individual and business customers must navigate to gain and maintain access to basic banking services.
To assist those whose accounts have been closed, Gherson’s financial crime, investigations and regulatory team have previously written blogs titled
- “Why has my bank account been closed”
- “Why has my business bank account been closed?”
- “140,000 SMEs “de-banked” last year – why could I have been de-banked?”
- “What are the proposed new laws aimed at preventing de-banking?”
- “Why the proposed new laws to try and prevent de-banking to not go far enough”.
Could a CIFAS Marker be affecting my ability to obtain financial services?
We are increasingly approached by individuals who have been adversely affected by a CIFAS marker and want advice on how to remove this.
In some scenarios, the CIFAS marker against the individual would have been added wrongly, and being in this unfair situation can have a hugely detrimental effect due to the wide-ranging, complex and adverse consequences for the individual affected.
In a previous blog we examined what a CIFAS marker is and how to try and get it removed.
In a later blog, we examined what are the next steps after a bank and CIFAS have refused by complaint.
Updated: 24 December 2024
HOW GHERSON CAN ASSIST
Gherson’s regulatory, white-collar and investigations team are highly experienced in providing assistance on what you can do if your bank freezes or closes your account. This includes assisting you in submitting a request under data protection legislation, otherwise known as a Data Subject Access Request, to ascertain what information banks and other financial institutions may be holding on you and their decision making, and then analysing the response and assisting with any appropriate challenge.
If you have any questions arising from this blog, please do not hesitate to contact us for advice; send us an email at enquiries@gherson.co.uk or, alternatively, follow us on X, Facebook, or LinkedIn to stay up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2024