Santander and Lloyds closed 300 accounts belonging to companies in the "public administration and defence" sector last year. However, the actual number of closed accounts may be higher, as other major lenders did not provide a breakdown. Although som… Read on blog or Reader SIERRA ONLINE Read on blog or Reader With Santander and Lloyds shutting down 300 accounts in the public administration and defence sector, questions arise about the ethical implications of working with arms companies, leading to criticism from industry insiders and policymakers. JPROTOCOL May 9 Santander and Lloyds closed 300 accounts belonging to companies in the "public administration and defence" sector last year. However, the actual number of closed accounts may be higher, as other major lenders did not provide a breakdown. Although some accounts may have been closed due to inactivity, industry executives have raised concerns about the ethical implications of working with arms companies. This disclosure has led to criticism from defence experts and MPs. A study conducted earlier this year found that 140,000 companies had been debunked, often with little or no notice. Some closures were attributed to "risk appetite," but there is no consistent definition of this term across the industry. Banks also cited money laundering concerns and account inactivity as reasons for closing accounts. #Santander #Lloyds #PublicAdministration #DefenceSector #EthicalImplications #ArmsCompanies #Debanked #RiskAppetite #MoneyLaundering #AccountInactivity #BankClosures #IndustryExecutives #DefenceExperts #MPs #FinancialSector #AccountClosure #BankingEthics #BusinessAccounts #FinancialRegulations #CorporateBanking Comment Like You can also reply to this email to leave a comment.

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