Banks have been accused of relying on “unfair banking practices” when dealing with small and medium-sized businesses, preventing them from accessing critical services, while also lacking transparency in their “debanking” criteria.
The House of Commons Treasury committee published a report on Wednesday which found UK-based SMEs are less confident in their ability to access necessary bank services. More than 140,000 business accounts were closed by lenders in 2023 alone, according to the report.
