PARLIAMENTARY WRITTEN QUESTION
Bank Services (1 February 2017)

To ask Mr Chancellor of the Exchequer, whether there are Government guidelines given to banks to ensure that consumers are protected when considering closing bank accounts that have not been in use for a number of years.

Asked by:
Dr Rosena Allin-Khan (Labour)

The Government does not issue guidelines on the closure of bank account accounts.

Banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses and includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers.

The Dormant Bank and Building Society Accounts Act 2008 sets out that accounts are classified as dormant when they have not had any customer-initiated activity for more than 15 years. The Act enables banks and building societies to transfer money held in dormant accounts to a central reclaim fund.

Account holders and their heirs will be able to reclaim money from dormant accounts at any time. More information, as well as an online application form, is available at: www.mylostaccount.org.uk

Answered by:
Simon Kirby (Conservative)
8 February 2017