Closed petition Review 'Know Your Customer' guidance and requirements for financial institutions

Closed on 20 December 2022

We want the Government to review legislation and guidance requiring financial institutions to know their customers, and how these are being implemented, with a view to tackling unintended consequences on customers.

These policies are having significant unintended consequences for both individual and business account holders, with banks freezing or closing accounts, sometimes without even informing the account holders. The first many account holders know there is problem is when the account are locked is when payments are rejected.

In many cases it appears that multiple linked accounts are frozen leaving the account holder with no means to live or pay bills.

Banks can be too slow to remedy problems, or not respond, causing stress and worry.