The debanking of customers in the aftermath of the Nigel Farage scandal is now the subject of investigation by the City watchdog. Taking action, the Financial Conduct Authority (FCA) will be contacting over 25 of the largest banks and building societies in the UK, requesting information regarding account closures. The FCA is specifically interested in knowing the number of bank accounts that have been closed, suspended, or denied, as well as the reasons for these actions. To meet the deadline, banks have been given just over two weeks to submit their responses by August 25. The FCA plans to analyze the data and publish its findings by mid-September.
In addition to disclosing closure data, lenders will also be required to reveal the number of complaints they have received from blacklisted customers and address issues related to freedom of expression. The urgency of this investigation was highlighted by Chancellor Jeremy Hunt, who urged the FCA to take immediate action. Hunt emphasized that banks are prohibited from closing accounts or denying services based on customers’ political views or beliefs.
The FCA, in response to Hunt’s letter, informed Nikhil Rathi, the CEO of the FCA, that they were already in the process of conducting a data exercise to assess the scope of the problem and identify the reasons behind the rise in account terminations.
This investigation follows Nigel Farage’s revelation that his business and personal accounts were closed by Coutts, a private bank, due to his political views. The backlash resulting from this decision has already led to the resignation of Dame Alison Rose, CEO of the NatWest Group, which owns Coutts, as well as Peter Flavel, the CEO of Coutts.
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