FCA to begin de-banking probe
The Financial Conduct Authority
The move comes as part of a government-ordered review into the interplay of banking services and free speech, after Chancellor Jeremy Hunt told the regulator to urgently establish how many customers had been blacklisted for their political views.
This follows the recent scandal which saw Coutts, a private bank owned by NatWest, close former UKIP leader Nigel Farage's bank account.
Treasury minister meets banking bosses while welcoming NatWest resignation
Banks must disclose the number of accounts they have terminated or suspended or cases where they have denied services along with the reason why, by 25 August.
Hunt said «a threat to be de-banked is a threat to your right to express your opinions» and urged the UK watchdog to issue heavy fines should it find that blacklisting on account of political views is widespread.
Responding to the chancellor, FCA chief executive Nikhil Rathi said the FCA recognised «the increased public concern about payment accounts being closed without fair justification,» and said a «data exercise» to establish how widespread the issue was is being prepared.
Last month, City minister Andrew Griffith met with senior executives from Barclays, HSBC, Lloyds, NatWest, Santander and Nationwide, who committed to upholding clients' «freedom of expression».
The Treasury said those who attended «acknowledged that recent events had impacted upon public trust for the whole sector.»
Former Coutts CEO joins Hargreaves Lansdown board
In June this year, Farage revealed that his business and personal bank accounts had been closed by Coutts without explanation, later establishing that a central reason for the decision was that his political views did «not align» with those of
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