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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 35671
Experience:  Over 5 years in practice
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I have an enquiry regarding a UK bank closing our business

Customer Question

I have an enquiry regarding a UK bank closing our business accounts, we held with them for over 2 decades and the subsequent rejection from another bank to take us on as client.Can you help?
Submitted: 2 years ago.
Category: Law
Customer: replied 2 years ago.
Hello again,
To give you additional details, we are a UK based and registered business offering customised marine/logistics solutions to a small clientele operating within the oil industry. Our main activity involves chartering vessels to transport our clientele cargoes from mainland Europe into West and Central Africa. We have had a GBP + 2 multi-currency accounts (USD & EUR) with RBS for over two decades.
Last year a payment we had made (EUR3,000.00) to our marine insurance provider was returned to us due to non-compliance, we later found out from the beneficiary that our mention of the vessel name on our remittance caused this rejection. The vessel name had been blacklisted or appeared on the "naughty" list. Each vessel has a unique IMO number (which is similar to a id/passport number) the vessel we chartered had a different IMO number and was only similar in name.
We duly informed RBS in writing and submitted all supporting evidence clearly demonstrating that this vessel was not related to the one we chartered. In any case, RBS in spite of several requests has refused to provide us with the reasons that prompted the closure of all 3 business accounts. We got our accountants and our legal (marine) dept to look into this and we were advised that Banks can close our accounts without giving any reasons and seldom tend to do so in order to protect themselves.
we were given their notice in December and immediately contacted Barclays bank to have all our accounts transfered over. we have now been informed by Barclays that they declined our application...here too we have asked them for the reason behind their decision and they did not provide any..simply saying..it can't be revoked. In spite of having a very healthy business credit report and outstanding references from our clientele and marine authorities, we fear that RBS may have communicated damaging information to Barclays or flagged our business in a database used by other banking entities given the outcome of our application with Barclays. We have also contacted the Ombudsman financial services, who have advised us that since banks have the right to refuse any applications without giving any reasons, there is not much we can do unless our business has indeed been flagged overzealously and incorrectly by RBS.
We would be grateful if you could advise us on what we can and can not do and if such a database can be accessed by ourselves to demonstrate and more importantly STOP the detremental and damaging effect this is having on our business...we have already placed several invoices on hold as our bank details are to be stopped.
Your help and advice would be greatly appreciated. Thank you
Customer: replied 2 years ago.
Can a company request data under the Data Protection Act 1998 or do corporate entities fall outside of the act?
Customer: replied 2 years ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 2 years ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jamie-Law replied 2 years ago.

Hello my name is ***** ***** I will help you.

What did the Ombudsman say!