Overview

• UK banks closed 140,000 small business accounts last year, raising concerns over debanking practices.
• Nigel Farage criticizes the banking sector for not changing its approach, highlighting the devastating impact on small businesses.
• The Commons Treasury select committee is investigating the difficulty small businesses face in accessing banking services.
• Banks cite financial crime and fraud concerns as the primary reasons for account closures, with regulatory compliance being a significant factor.
• The Financial Conduct Authority acknowledges the issue, suggesting a potential need for legislation to ensure fair treatment.