“Providing customers with greater notice and clearer explanations when accounts are closed is a welcome step forward in helping address long-standing concerns about fairness and transparency.
“As banks continue to prioritise quick and seamless customer onboarding, they also need to take care when off-boarding customers that sufficient notice and time is given to find alternative providers, particularly as access to banking services is critical in an increasingly cashless economy.
“Banks will still need to balance greater openness with their obligations around financial crime, fraud prevention and regulatory compliance. The focus now is on making these changes in a way that works operationally, while continuing to protect customers and the integrity of the financial system.”
