Bob Wigley, the chairman of UK Finance, said that he did not believe accounts were being closed on political grounds, but rather for other reasons such as suspicious activity or abusive behavior.

The request was made to the Financial Conduct Authority (FCA) to speed up its examination of banks' treatment of politically exposed persons (PEPs), who are at greater risk of being bribed due to the nature of their work.

Nigel Farage, a former member of the European Parliament and leader of Ukip, claimed that his account was closed by Coutts wealth management because he was a PEP.