UK Government Summons Bank CEOs to Discuss "De-Banking" of Customers Due to Political Views
City Minister Andrew Griffiths has summoned the heads of 19 banks, building societies, and digital challengers to a roundtable to discuss the issue of customers being "de-banked" due to their political views, following the closure of Nigel Farage's bank account by Coutts.
The government has warned that it will take "all necessary action" to protect customers from being unfairly closed out by financial institutions.
The move comes after Farage received a 40-page dossier from Coutts, a subsidiary of NatWest Group, stating that his account was closed due to his views not aligning with the bank's values.
Farage accused the bank of passing his personal and financial data to the BBC and of regarding him as "xenophobic and racist," as well as a former "fascist." In response to the Treasury's reforms, which aim to provide greater protections for customers and give them more time to challenge decisions or find replacement banks, Mr. Griffiths has written to the heads of banks including NatWest, Lloyds Banking Group, Santander, and HSBC, among others.
The government is expected to implement these reforms as soon as possible, and banks have been told to "seek to take action on this policy as soon as possible and make best endeavors to implement" it.
The Treasury's reforms include measures such as requiring banks to explain why an account is being shut down and extending the notice period from 30 days to 90 days.
The roundtable will give banks and other financial institutions the opportunity to share their views on how to protect customers from being de-banked and implement the reforms announced by the government.
The letter from Mr. Griffiths concludes by saying that the government expects banks and other financial institutions to take action on this policy as soon as possible and to make best efforts to implement it.
The Treasury's reforms are aimed at ensuring that customers can access payment accounts without fear of being de-banked for their lawful expression.
The move comes after Farage received a 40-page dossier from Coutts, a subsidiary of NatWest Group, stating that his account was closed due to his views not aligning with the bank's values.
Farage accused the bank of passing his personal and financial data to the BBC and of regarding him as "xenophobic and racist," as well as a former "fascist." In response to the Treasury's reforms, which aim to provide greater protections for customers and give them more time to challenge decisions or find replacement banks, Mr. Griffiths has written to the heads of banks including NatWest, Lloyds Banking Group, Santander, and HSBC, among others.
The government is expected to implement these reforms as soon as possible, and banks have been told to "seek to take action on this policy as soon as possible and make best endeavors to implement" it.
The Treasury's reforms include measures such as requiring banks to explain why an account is being shut down and extending the notice period from 30 days to 90 days.
The roundtable will give banks and other financial institutions the opportunity to share their views on how to protect customers from being de-banked and implement the reforms announced by the government.
The letter from Mr. Griffiths concludes by saying that the government expects banks and other financial institutions to take action on this policy as soon as possible and to make best efforts to implement it.
The Treasury's reforms are aimed at ensuring that customers can access payment accounts without fear of being de-banked for their lawful expression.
