Request to improve bank signatory changes

Charity Finance Group and the Small Charities Coalition have written to the chief executive of the Financial Conduct Authority about frustration reported by charities on changing bank account signatories. The process can be time consuming and onerous, and also varies considerably between banks.

The letter asks the FCA to clarify the standard of verification required by law, as a first step in helping banks adopt a more light-touch, proportionate approach without compromising legal standards. CFG press release.