Global de-risking since the financial crisis has driven financial institutions to deny services by freezing and closing customer bank accounts. Some institutions withdraw accounts on 60 days’ notice, but some do so without notice. Invariably it is done without explanation.

We are frequently asked to help resolve these situations. We understand the intense disruption this can cause to business and private life, as well as the wider financial and reputational damage it can cause.

We engage with banks and other financial institutions to challenge account freezing and closures.

In our experience, criminal investigations and designations by third party data providers can also result in account closures, as these often trigger an internal review by a bank or financial institution’s compliance department. We also advise on pre-emptive action to minimise this risk.

Banks and other financial institutions rely on data they obtain from third party providers. But this may be incorrect or misleading. We will consider challenging the data processed by such providers under the GDPR and the Data Protection Act 2018 (DPA). A bank or financial institutions’ failure to comply with the GDPR and the DPA can result in a claim against them or a report to the Information Commissioners’ Office.

We can work closely with PR firms to help improve your media profile, which can have a positive impact on your current and future banking relationships. We can also help clients find alternative banking arrangements.