Debanked: MPs claim ‘legitimate’ businesses are denied accounts
Parliamentarians have condemned the debanking of companies considered “undesirable.”
A report by the Commons Treasury select committee on small business banking services took aim at the “unfair” practice of denying accounts to legitimate businesses, from defense firms to slot machine operators.
He said environmental, social and governance (ESG) concerns raised by investors should not become the basis for excluding those involved in weapons manufacturing or oil and gas.
MPs heard evidence that more than 140,000 small businesses had been “unbanked” over the past year, often with little or no notice.
“Members of all parties condemn the debanking of legitimate businesses,” the report said.
