L

Lord Popat (Con)

Speaking in the House of Lords on 27 April 2026

Debate

Online Challenger Banks

Contribution

My Lords, during my time as a trade envoy to Rwanda and Uganda, I noticed first hand that UK businesses could open a bank account in those countries in less than five minutes, but it will take three months, if they are lucky, to open a bank account here. The Minister mentioned that it is a commercial decision, but is heavily legislated for through the Bribery Act, the money laundering Act and many others. Can the Minister please look into this, particularly for SMEs that are starting new businesses and are having real difficulty opening a bank account?

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