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Mon, 06 Jul 2026

Mon, 06 Jul 2026 Banks accused of failing most vulnerable customers

Homeless people or those in financial hardship have been pushed to online applications and away from basic bank accounts.

* UK banks have been pushing homeless people or those in financial hardship towards unsuitable online applications, rather than offering them basic bank accounts.
* Basic bank accounts are free and do not include an overdraft facility, but provide essential banking services for those unable to open a mainstream account.
* The Financial Conduct Authority (FCA) has found that a third of experiences with basic bank accounts were poor or very poor in a mystery shopping exercise.
* Problems included failing to offer these accounts to people who needed them, particularly those with no fixed address.
* Banks have agreed to provide the right account for customers first time, make it straightforward for customers without standard ID or a fixed address to open an account, and offer alternatives to online applications to those who are vulnerable.