Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will require banks to submit quarterly data on the number of small and medium sized business account (a) openings and (b) closures.

The Government recognises the vital role financial services play in supporting millions of businesses across the UK, and believes all customers should be treated fairly by banks and have access to the financial services they need.

This is why the Government introduced new rules earlier this year to require banks to give customers 90 days' notice before closing accounts and provide a clear explanation. The Government’s new rules will ensure more transparent and predictable access to banking, while still recognising that it is a commercial decision for a provider as to whom they provide services for.

More widely, the Financial Conduct Authority (FCA) monitors banks regarding account openings and closures and has published reports looking at debanking. Beyond this, the Treasury has no plans to require banks to submit further information in this area.