UK IPO announcement on deposit accounts
The UK IPO has announced that it is no longer planning to phase out deposit accounts for the time being.
The changes were put forward as part of the ongoing One IPO digital transformation scheme.
In an email to deposit account holders the UK IPO said: “A few weeks ago we announced that we’d be introducing new digital payment methods and phasing out deposit accounts.
“We’ve been reflecting on your feedback and have made the decision to build a deposit account payment option into our new digital services. This means there are no immediate plans to remove deposit accounts while we review our payment options going forward.”
The UK IPO still intends to move away from the deposit account arrangement in the long term, but will continue to gather information on the form that this change should take.
In order to ensure that all users of the system are represented, the UK IPO is inviting participation in user research sessions, to be announced at a future date. Finance team members are particularly encouraged to join these sessions.
If you would like to contribute to this research, please get in touch and sign up via [email protected].
Deposit accounts allow firms and individuals who frequently or regularly deal with the office to use a balance of available cash for fees and services, rather than paying by bank transfer.
An account can be opened with a minimum of £200, with no upper limit to the sum that can be held in the account.