UK Finance has launched a new site to help charities and voluntary organisations open and manage bank accounts.
This announcement marks the final step of UK Finance’s project aimed at addressing the unique challenges faced by charity bank account holders. By collaborating with charitable organisations, members and regulators, UK Finance has developed a digital guide designed to enhance the process of opening and managing community accounts.
The project started with UK Finance leading workshops with charity bank account holders, followed by interviews to identify common issues in account opening and to understand the regulatory requirements that financial services firms must follow.
Tulip Siddiq, Economic Secretary to the Treasury, commented: “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.”
The new site aims to provide voluntary sector companies with personalised guidance, helping them define their structure, assess their banking needs, and ensure they have everything required to open and manage their accounts.
The website features a step-by-step digital guide and FAQ, as well as a free Account Finder tool, to help select the best account for their specific needs.
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 straightforward 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.”
This culmination of this project is one of the first actions by the newly elected Labour government. Before the general election, UK Finance outlined the policies it believes the government should pursue for the country’s financial services sector.
