The Treasury Minister and the Small Business Commissioner Respond to The ODDA Regarding Debanking

Our members are facing growing difficulties accessing banking services in the UK. After a major High Street bank announced it will no longer accept online dating firms as customers, we wrote to the Financial Conduct Authority (FCA) to raise our concerns. With new ‘debanking’ rules coming into force later this year, it should be it harder for banks to close accounts without notice. However, some banks appear to be acting now, leaving firms in our sector scrambling to find alternative providers.

We therefore wrote to the FCA, Chancellor and Small Business Commissioner on this issue and have received the following responses from the Treasury Minister and the OSBC. It is our view that this issue is a priority and without proactive efforts to prevent the ongoing impact on our sector, the risk to innovation and growth remains substantial.

The ODDA intends to raise further awareness of this and to push for real action to clearly differentiate the online dating sector from high-risk industries. Online dating continues to not only be a significant contributor to the UK economy but also to have a real social impact on the day-to-day lives of millions of adults worldwide. Therefore, the choice to limit banking options due to insufficient verification processes is one that poses a threat to its ongoing growth potential. We welcome any input from our members on this issue.