Number of individuals (not companies) who hold 4 or more accounts with the Co Operative bank?

Roedd y cais yn rhannol lwyddiannus.

Laurence Sean Fegan

Dear The Financial Conduct Authority,
I was recently told by the Co Operative Bank that some people (not companies) hold five or six different bank accounts with them? Hence, it was implied that I ought to have made it quite clear that my Direct Debits should be transferred to my new account (they weren't). I find it difficult to believe that an individual can hold four or more bank accounts?
Please could you advise me if this is indeed the case and if so, what percentage of individuals (not companies) do this?

Yours faithfully,

Laurence Sean Fegan

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Customer Contact Centre, The Financial Conduct Authority

Dear Laurence Fegan,

Thank you for contacting the Financial Conduct Authority (FCA) via email.
Your initial query went to our Freedom of Information team who’ve
forwarded it onto the Consumer Contact Centre to respond to you as we're
the most appropriate team to do so.

I understand you have a query around the number of bank accounts an
individual can have within one bank. You’ve asked if they can have more
than one account, and if yes what the percentage of individuals do this.
Thank you for your query.
Our rules

Whilst we authorise and regulate firms who offer regulated bank accounts
there are no specific rules within our FCA Handbook which states how many
accounts an individual consumer can have with any one bank. If a consumer
meets the required criteria to open an account with the bank it will the
banks commercial decision as to whether they offer the product or not.

In answer to your question it is possible for an individual to have
multiple accounts with one bank.  

Percentage of individuals who do this

With regards to this aspect of your query, we do not hold these kinds of
statistics on consumers so are unable to provide you with a percentage
amount.

I hope the above information has been of assistance.
 
Yours sincerely,
 
Kim Osbourn (Miss)
Associate | Customer Contact Centre
Financial Conduct Authority | [1]www.fca.org.uk
Consumer Helpline: 0800 111 6768
 

ref:_00Db0K8yP._5000X1jZz7g:ref
This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. file:///tmp/