Watchdog warns UK banks against closing current accounts.
Global Banking News-June 30, 2017--Watchdog warns UK banks against closing current accounts
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Global Banking News - 30 June 2017
The UK's Financial Conduct Authority (FCA) chief executive, Andrew Bailey, has warned banks against closing down operations in the current account market.
The watchdog has asked banks to desist from the trend of not offering current accounts. He said that banks feel that the accounts are costly for them to maintain. He added that the regulator is watching banks' behaviour closely.
Bailey was speaking at the British Bankers' Association's (BBA) retail banking conference in London this week. Earlier, Norwich & Peterborough Building Society had said that it would close all of its current accounts by the end of August. Acting on similar lines, many challenger banks have put their current-account offerings on hold.
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