Last week, Mr. Farage expressed his frustration after his bank accounts were closed abruptly and other high street lenders refused to accept his funds. Similarly, Reverend Richard Fothergill, an Anglican vicar, claimed that his Yorkshire Building Society account was shuttered shortly after he complained about the bank’s messaging during Pride month.
While Yorkshire Building Society denied closing accounts based on differing beliefs, it stated that closure only occurs if the customer exhibits rude, abusive, violent, or discriminatory behavior.
Government sources emphasized that even individuals with extreme views should have the right to hold a bank account as long as they have not broken the law.
A spokesperson for the Treasury added, “Banks and payment providers play a privileged role in society, so it would be concerning if they denied financial services to those exercising lawful free speech.”
According to current regulations, banks are expected to give customers at least 30 days’ notice before closing personal bank accounts. However, they may provide less notice in exceptional circumstances, such as suspected fraud or threats and abuse towards staff members.
In its consultation on payment services regulations, the Treasury emphasized the need for fair communication and notice periods when closing accounts based on reasons other than criminal offenses.
Responding to concerns raised by Conservative MPs, Treasury ministers have addressed the issue of customers with minority views having their accounts closed.
Furthermore, former Brexit Party MEPs have reported the closure of their bank accounts after being elected to the European Parliament.
In a separate incident, Barclays was forced to compensate Christian ministry groups with over £20,000 after closing their accounts due to pressure from LGBTQ+ activists concerned about conversion therapy practices.
The Treasury has also instructed the City watchdog to review the operation of its politically exposed persons (PEPs) regime, as there are concerns about its heavy-handed application. This regime subjects politicians and other PEPs to enhanced checks by banks to ensure compliance with the law.
The distinction between foreign PEPs and British politicians will be given greater weight in the Treasury’s amended money laundering rules over the next year. Additionally, the Financial Conduct Authority has been tasked with reviewing banks’ adherence to current guidance.
The Telegraph has learned that at least two MPs have reached out to Mr. Griffith as he investigates the behavior of banks. One MP’s father faced issues with his bank, which he had been with for 60 years, due to his connection to the PEP system. In another case, an MP’s mother was questioned about the politician’s involvement in the purchase of her home when the MP was only eight years old.
Earlier this year, Mr. Griffith met with Toby Young, the head of the Free Speech Union, after the group’s PayPal accounts were closed in 2022. The accounts, along with those of the Daily Sceptic blog and UsForThem, a group advocating for school reopenings during the UK’s Covid lockdown, were frozen last September but later reinstated.
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