MP Presses FCA For Answers About Frozen Bank Accounts
Law360, London (July 22, 2021, 7:44 PM BST) -- The chair of a parliamentary committee asked Britain's financial regulator on Thursday about concerns that banks may be unfairly freezing customers' accounts, warning that artificial intelligence must not be used against vulnerable clients.
Mel Stride MP, who leads the Commons Treasury Committee, said he supports the Financial Conduct Authority's giving prominence to consumers in its recently published business plan, but that there appeared to be problems with the way people are being treated by lenders.
"The committee has recently become concerned about recent press reports that NatWest Bank might have frozen the bank accounts of some vulnerable customers on low incomes...
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