Regulation can drive irrational behaviour. Metro bank got fined by FCA for poor controls and almost overnight the bureaucracy of repeatedly verifying id (unlike Lloyds with 40% market share!) makes it highly unattractive place to bank with repeated threats to close accounts if my shareholders fail to re- verify their id in person at a branch. I had to repeat the entire process for a simple name change of the company.
Crazy stuff. It’s almost as if they thought there was a higher risk of money laundering or something. Appoint a NED, and Metro still want to verify their ID. I wish I had that magical TV ability to shout, “I’m a celebrity get me out of here!” and for it all to be over.