UK Finance has recently unveiled a new website designed to provide support for charities and other voluntary organisations in accessing banking services. This endeavour includes the launch of a comprehensive digital guide, an FAQ section, and a complimentary Account Finder tool.
The primary objective of this project is to tackle the unique challenges encountered by customers of charity bank accounts. UK Finance worked closely with charitable organisations, members, and regulators to develop the digital guide, with the aim of enhancing the process of opening and managing community accounts.
The initiative involved workshops conducted by UK Finance, which were attended by charity bank account customers. Additionally, interviews were carried out to identify the common obstacles faced when opening an account, as well as to understand the regulatory requirements that financial services firms must adhere to.
The newly launched website provides tailored guidance to voluntary sector organisations, assisting them in assessing their organisational structure, determining their banking needs, and compiling the necessary prerequisites for opening and maintaining an account.
David Raw, Managing Director of Commercial Finance at UK Finance, underscored the substantial contribution made by charity, voluntary, and community groups to society. He stressed the importance of simplifying the process of opening and managing a bank account to alleviate the burden on those who run these organisations. Raw highlighted the collaboration with representatives from the sector, along with regulators and policymakers, in developing the guide to enhance the experience of charity bank account customers.
Economic Secretary to the Treasury Tulip Siddiq has also expressed her endorsement of the initiative, recognising the invaluable contribution made by charities and community groups across the nation. She emphasized the importance of ensuring that these entities have access to banking services when needed and expressed hope that the newly introduced guide would serve as a valuable resource in supporting the work of the voluntary sector.
By leveraging this new digital resource, charities and voluntary organisations in the UK can anticipate a more streamlined and accessible process when it comes to managing their banking requirements. This initiative represents a significant step in the right direction in terms of facilitating and supporting the crucial work carried out by these organisations.