September 15, 2024

City regulator warns banks over denying sex workers business accounts

Claudio Ctin1 mins
City regulator warns banks over denying sex workers business accounts

FCA gives detailed guidance to lenders after hearing lack of access could lead to ‘significant harm’ for individuals

The City regulator has warned UK banks over denying accounts for sex workers, after hearing that a lack of access to business banking could lead to “significant harm” for individuals.

The Financial Conduct Authority (FCA) said that while banks said they were able to provide accounts for the adult entertainment industry in theory, they were often denying or shutting down business accounts in practice.

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