Question to the HM Treasury:

To ask Her Majesty’s Government what changes the Financial Conduct Authority has implemented regarding the setting up of bank accounts for customers in the United Kingdom over the past year; and what assessment they have made of the impact of such changes on the time it takes to set up a bank account in the UK.

The Financial Conduct Authority (FCA) is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. This includes requirements to publicly consult and perform cost benefit analysis on their relevant rules and policies. These questions are therefore a matter for the FCA as an independent regulator.

The questions have been passed on to the FCA. The FCA will reply directly to the Noble Lord by letter. A copy of the letter will be placed in the Library of the House.