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Businesses waiting for a Business Account: Business accounts All discussions

Business accounts

From Goodboy on 16.02.2017 at 14:12

Fidor Bank should make Business accounts available only if regulators can guarantee they will not impose unreasonable fines on the Bank.
Most small businesses in the UK today are unable to reach their full potentials due to the unreasonable regulatory burden that government and regulators have imposed on Banks. Any little mistake made by a Bank could lead to the Bank paying fines that run into millions of pounds.
I think we have come to a point where we have to ask questions about why Banks are made to pay these fines and not the people committing the offence.
Why can’t the liability be on the person or the business breaking the rules or committing the money laundering offence?
The FCA relies on fines paid by banks in order to exist, don’t you think it is in the interest of the FCA to maintain the current system at the expense of innocent small businesses and individuals that will never be able to prosper due to the ongoing senseless denial and withdrawal of banking facilities from them?
We need new Banks that will give small businesses access to banking facilities and allow them to reach their full potentials.
Is Fido bank able to do this?

JohnnyD wrote on 16.02.2017 at 17:28

I'm not quite sure what you are trying to say here, its the regulators that make the rules and the banks have to comply with these rules, so its not up to Fidor Bank?

Goodboy wrote on 18.02.2017 at 12:07

I’m blaming the regulators and not Fido Bank. Most small businesses will never be able to expand unless regulators change some of their senseless rules and behaviour.

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