More than 140,000 businesses had their accounts closed by the UK’s biggest banks last year, according to data published by a parliamentary committee on Tuesday.
The lenders’ reasons for closing the accounts of small and medium-sized enterprises included concerns over financial crime and fraud, customers’ failure to provide requested information and the banks’ own risk appetite.
The closures are equivalent to about 2.7 per cent of the 5.3mn accounts held by SMEs with the eight banks that provided data to the House of Commons Treasury select committee as part of an inquiry into smaller businesses’ access to finance.
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