Conor O'Gorman Posted October 9 Report Share Posted October 9 The Financial Conduct Authority (FCA) has published its long-awaited report on debanking. BASC provided evidence to the investigation about how shooting was being discriminated against based on feedback from clubs and businesses. The FCA is clear in its recommendations that banks should not be denying or terminating accounts on spurious or unfairly biased grounds or for discriminatory reasons. The regulator expects firms to ensure their decisions are based on reasonable and properly considered grounds, including where they are citing ‘reputational risk’ as a basis for account denial or termination. The FCA is now working with the banks on the implementation of these recommendations so if your shooting club or business has experienced unexplained banking service refusals or account closures since 4 September 2024 it’s really important that we know and act on that so please email conor.ogorman@basc.org.uk The following article in today's Shooting Times explains in more detail https://www.shootinguk.co.uk/news/finance-sector-urged-to-act-on-debanking-149241/ Quote Link to comment Share on other sites More sharing options...
Fil Posted October 11 Report Share Posted October 11 Had it happen to me about ten years ago. A rep came to see me from a card machine company. Knowing what I do for a living he signed me up and sent my machine and had it installed only for the company to switch it off and terminate my account leaving me high and dry two days later. To this day they refuse to tell me the reason why. Even with a FOI request they managed to dodge the answer. Quote Link to comment Share on other sites More sharing options...
Conor O'Gorman Posted October 11 Author Report Share Posted October 11 45 minutes ago, Fil said: Had it happen to me about ten years ago. A rep came to see me from a card machine company. Knowing what I do for a living he signed me up and sent my machine and had it installed only for the company to switch it off and terminate my account leaving me high and dry two days later. To this day they refuse to tell me the reason why. Even with a FOI request they managed to dodge the answer. Thanks, the rep may not have realised that payments for firearms etc was against their terms and conditions which may or may not have been a published list and this was later picked up by their new accounts team, or it was something else. Moving forwards financial providers are being pressurised to give reasons to customers as per the FCA report. The last government also promised regulations to make it legal requirement. Some card machine companies have added restrictions over time after signing up lots of accounts that they now restrict, and then closed accounts that had been operating fine for years. This has happened with Sum Up in particular who now list the following as activities/products on their restricted/prohibited list. Hunting clubs/activities Guns, firearms, airsoft guns, munitions sale and distribution The full list is here: https://help.sumup.com/en-GB/articles/3G8ZHjdgFZjmKWOmDWS52m-restricted-businesses Quote Link to comment Share on other sites More sharing options...
Fil Posted October 12 Report Share Posted October 12 21 hours ago, Conor O'Gorman said: Thanks, the rep may not have realised that payments for firearms etc was against their terms and conditions which may or may not have been a published list and this was later picked up by their new accounts team, or it was something else. Moving forwards financial providers are being pressurised to give reasons to customers as per the FCA report. The last government also promised regulations to make it legal requirement. Some card machine companies have added restrictions over time after signing up lots of accounts that they now restrict, and then closed accounts that had been operating fine for years. This has happened with Sum Up in particular who now list the following as activities/products on their restricted/prohibited list. Hunting clubs/activities Guns, firearms, airsoft guns, munitions sale and distribution The full list is here: https://help.sumup.com/en-GB/articles/3G8ZHjdgFZjmKWOmDWS52m-restricted-businesses Yep. A gunsmith friend of mine had Sum Up. Fine at first then they realised who he was and cancelled him. At least they had the decency to write to him and highlight their restrictions in their T's & C's. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.