Dr_BASS
Hi-Fi freak
UK watchdog steps into row over 'debanking' of Nigel Farage
Britain's financial watchdog has stepped into a row over the closure of former Brexit Party leader Nigel Farage's bank accounts, after Farage claimed NatWest's private bank Coutts had sought to cut him off on political grounds.
www.reuters.com
Farage said on Tuesday that he had obtained a 40-page document from Coutts after filing a "subject access request" with the bank, to learn more about its rationale for proposing to shut the accounts.
NatWest's treatment of Farage drew criticism from several government ministers on Wednesday, while prime minister Rishi Sunak said the government was tightening rules around account closures.
The Financial Conduct Authority is talking to NatWest about the handling of Farage's accounts, the regulator's CEO Nikhil Rathi told lawmakers, adding existing rules made clear banks should not discriminate on the basis of political views.
British banks are in the spotlight as the UK government has begun looking into concerns some have allegedly blacklisted certain customers over their politics.
Prime Minister Rishi Sunak told parliament on Wednesday that "it wouldn't be right" for banks to deny services to those exercising the right to lawful free speech.
Financial services minister Andrew Griffith said on Twitter that while businesses had a right to protect against reputational risks, banks in a democracy had a "duty not to 'debank' because you disagree with someone's views."