To ask Her Majesty's Government what is the average cost to banks and building societies of undertaking status checks on individuals under the terms of the Immigration Act 2014; and what would be the cost to the Home Office of undertaking those same checks.
6 November 2017
The Government’s Impact Assessment sets out estimated costs for both the Home Office and banks and building societies and is published on the gov.uk website. Costs for each bank and building society will vary depending on the business model of a particular institution; however, the primary cost of the measures was due to the process changes banks and building societies needed to make to ensure they could correctly undertake the requirements set out in the Act.
The Government has sought to ensure that the banking measures in both the 2014 and 2016 Immigration Acts avoid imposing undue burdens on industry, and will not impact on those individuals who want to legitimately open a current account.