Big banks in the UK have shut down nearly a million accounts over the past year, a paper revealed amid the Nigel Farage debanking scandal.
Big banks in the United Kingdom have shut down nearly a million accounts over the past four years, a paper revealed amid the ongoing scandal of Brexit leader Nigel Farage being debanked for his political opinions.
In total, nearly one million accounts have been closed over the past four years, alone. However, the paper noted that this figure may be underestimating the true scale of account closures, given that it only reflects accounts closed over concerns of financial crimes, and therefore would not include cases like that of Nigel Farage, who had his Coutts account shut because the bankers determined that he did “not align” with the bank’s values.
In response to the Farage revelations, Prime Minister Rishi Sunak’s government is preparing legislation to be introduced in the autumn that would mandate that banks give at least a 90-day warning to customers before their accounts are closed and provide a reason for the decision, except for instances when doing so would hinder a police investigation.
However, others have called on the government to go further, with the founder of the campaign group Fairer Finance telling the: “I think the legislation should go further and limit banks to closing accounts only when there is clear evidence of criminal activity.” There have also been suggestions that the government may require banks to pledge to protect the principle of freedom of expression or face having their licence to lend in Britain revoked.
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