As a solicitor who represents innocent people affected by erroneous ‘fraud markers’, I am urging the Financial Conduct Authority (FCA) to intervene and require banks and other financial organisations to adopt a clear and transparent code of conduct regarding the process of shutting down customers' bank accounts, commonly known as debanking.

It is crucial that banks are held accountable for their actions and that penalties are imposed for any failures to adhere to these standards.

Further, I would urge the Government to extend the FCA's regulatory remit to include oversight of the activities of the fraud marker database operators - who are Cifas, Synetics Solutions and National Hunter. These entities currently operate in an unregulated way, offering little or no transparency of their activities, and no straightforward route for challenge or redress for people who are not guilty of any wrongdoing.

The current lack of transparency surrounding debanking practices has left countless individuals vulnerable to arbitrary account closures without proper explanation or recourse. This not only disrupts people's financial stability but also undermines their trust in the banking system as a whole.

One significant issue contributing to unjust debanking actions is the reliance on fraud markers, such as Cifas fraud markers, which can be loaded against an individual without their knowledge or consent. These markers often stem from mistaken identity or outdated information, leading innocent customers to suffer severe consequences without any opportunity for redress.

By implementing a clear code of conduct enforced by the FCA, we can ensure that banks are obligated to provide detailed explanations when closing accounts, adhere to strict guidelines when loading markers, and ensure that all the fraud databases provide affected individuals with an arbitration system of appeal and publish the standard of proof they expect the banks to work to. This will promote fairness, transparency and protect innocent customers from undue harm caused by erroneous fraud markers.

Here are some important statistics and key points to underline the scale of the problem this petition seeks to highlight:

1. According to a report by UK Finance (2019), there were over 8 million cases of suspected fraudulent activity reported in 2018 alone.

2. The lack of transparency surrounding account closures has led many innocent individuals into financial distress due to sudden loss of access to funds.

3. A survey conducted by Consumer Action Law Centre revealed that 62% of respondents who had experienced debanking felt they were treated unfairly during the process.

4. The absence of clear guidelines allows some banks to shut down accounts based on subjective criteria, leading to potential discrimination against certain individuals or communities.

5. It is now known that in the past year 340,000 bank accounts were closed without explanation.

We call on the FCA to take immediate action and enforce a transparent code of conduct for banks and the fraud marker databases, ensuring that customers are provided with clear explanations and avenues for appeal when their accounts are closed.

By doing so, we can restore trust in the banking system and protect innocent individuals from unjust debanking actions.

Sign this petition today to demand transparency in bank account closures and safeguard the rights of banking customers!