FCA probe finds no proof of de-banking politicians - reports
The FCA is due to reveal its findings today (19 September).
The City watchdog began its review into de-banking in August, following accusations by Nigel Farage that private bank Coutts was closing his accounts due to his political stances.
FCA begins investigation into bank's 'politically exposed persons' procedures
Similar complaints from other politicians followed, and the FCA was forced by the government to undertake a review.
The FCA is due to reveal its findings today (19 September), but people familiar with the matter told the Financial Times these would show no examples of political opinions being the main reason for a bank to close an individual's account.
A total of 34 banks and payment companies were asked to submit data to the regulator, and the review covered the period from June 2022 to June 2023.
The FCA declined to comment on the reports.
Farage told the FT yesterday (18 September): «This is farcical. There are plenty of examples of prominent Brexiteers being de-banked. The FCA are part of the problem.»
FCA to begin de-banking probe
Despite forceful public accusations about being de-banked, Farage's accounts with Coutts were still active at the end of July, with the former UKIP leader saying the bank told him he could remain a customer.
The government-mandated urgency of the review meant the data for the FCA probe was compiled quickly, and from banks that do not all have good processes to record the reasons accounts are closed, facts the FCA acknowledged, according to the FT.
Other work is planned by the regulator to make sure financial companies are not being unfair in how they deny accounts and other services.
Some politicians voiced scepticism after being told of the FCA's findings. One government
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