Debanking, or the sudden closure of bank accounts, has become a big concern for UK businesses. This issue gained attention when Nigel Farage’s account was closed by Coutts Bank, allegedly due to his political views.
Many small businesses face similar problems, with accounts being shut down or services being refused for unclear reasons. Banks claim strict anti-money laundering rules are to blame, but critics argue these closures are often unjustified. Without proper explanations or support, businesses struggle to find new banking partners quickly, leading to severe disruptions and highlighting the need for banks to improve their practices.
Digital Partner, Paul Beare of Paul Beare Ltd explores the worry caused by debanking for many growing businesses in the national digital magazine for UK SMEs – SME Today.
Read it in full here.
