UK Finance launches site to help charities access banking services
Melanie May | 22 July 2024 | News
UK Finance has launched a new site to help charities and other voluntary organisations access banking services, with a step-by-step digital guide and FAQ, and a free Account Finder tool.
The site’s launch is the last step of a project that UK Finance has been running to deepen understanding of the specific issues felt by charity bank account customers. UK Finance has worked with charitable organisations, members and regulators to develop the digital guide to help improve how community accounts are opened and run.
The project saw UK Finance chair workshops with charity bank account customers, and conduct interviews to discover common challenges in opening an account and understanding the regulatory process requirements to which financial services firms must adhere.
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The site provides voluntary sector organisations tailored guidance to help work out their organisation structure, decide on their banking needs, and put together what they need to open and maintain an account.
David Raw, Managing Director of Commercial Finance at UK Finance, said:
“Charity, voluntary and community groups contribute a huge amount to our society. From local sports and hobby clubs to national charities, these organisations are a key part of our social fabric.
“People who run these organisations have a huge amount to think about and so we want to make the process of opening and managing a bank account as clear and straight forward as possible. That’s why we’ve worked with representatives from the sector, along with regulators and policymakers, to develop this guide to help improve the experience of opening and running bank accounts.”
Economic Secretary to the Treasury Tulip Siddiq said:
“The contribution that charities and community groups make across the country is invaluable, and it’s essential they can access banking services as and when they need them. Banks and charities came together to make this guide and I hope it can be a helpful resource to support the valuable work of the voluntary sector.”
Also commenting on the launch, Sam Mercadante, Policy and Insights Manager at NCVO said:
“We’re glad to see UK Finance taking steps to address a significant barrier for charities and demystify what should be a straightforward task. The challenges faced by charities in accessing banking services are widespread and affect organisations of all sizes. The structural requirements of charities often don’t align with the way banking services are designed, leading to disproportionately difficult requirements for those managing relatively small amounts of money. Many charities also find themselves excluded from a range of banking products, highlighting the need for ongoing work in this area.
“We hope this initiative marks the beginning of a collaborative effort involving government, banks, regulators, and the voluntary sector to find practical solutions. Charities need to access banking services seamlessly, and banks have a crucial role in ensuring their services are inclusive and accessible to all.”
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.