Changing signatories on charity bank accounts too onerous, say CFG and Small Charities Coalition in letter to FCA

8th August 2013

Charity Finance Group and the Small Charities Coalition have written to the CEO of the Financial Conduct Authority, Martin Wheatley, regarding changing signatories on charity bank accounts.  Charities have reported frustration at the process which can be time consuming and onerous, and which varies considerably between banks.

The letter, which was written with input from members of CFG's Banking Forum, asks the FCA to clarify the standard of verification required by law.  It is hoped this will be a useful first step in helping banks adopt a more light-touch, proportionate approach without compromising legal standards.

Read CFG and Small Charity Coalition's letter to Martin Wheatley, CEO, Financial Conduct Authority.

- Ends -

1. Charity Finance Group is the charity that champions best practice in finance management in the voluntary sector. Our training and development programmes enable finance managers to give the essential leadership on finance strategy and management that their charities need. With more than 2,200 members, managing over £18bn, we are uniquely placed to challenge regulation which threatens the effective use of charity funds.


2. The Small Charities Coalition is a support organisation for small charities. We work with trustees, staff and volunteers to help them find solutions to the challenges they face. Our vision is for trustees, staff and volunteers of all small charities to have the skills, knowledge and resources they need to achieve their aims and best serve their causes.

3. A copy of the letter to the FCA can be read here.  For further information or if you are a charity and would like to find out how you can support this work, please email Mel Jezierska, CFG policy and public affairs officer, at melora.jezierska@cfg.org.uk or call 020 7250 8348.

 

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