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HomeBusinessMinisters draw up plans to extend bank account closure rules to businesses

Ministers draw up plans to extend bank account closure rules to businesses

Proposals currently under consideration only cover the closure of personal accounts

Ministers are drawing up plans to extend new bank account closure rules to businesses as the Government steps up its crackdown on lenders who block accounts because of customers’ personal views.

The Telegraph understands Treasury officials are weighing proposals that will order banks to give some business account holders at least 90 days’ notice of termination and a clear explanation of why accounts are closed.

The new measures announced last week by Andrew Griffith, the City minister, only cover personal bank accounts.

However, it is understood that the Government is exploring how it could also extend the new rules to cover bank accounts for small businesses amid fears that some companies have also been hit with unfair closures.

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