UK PROBES ALLEGATIONS OF BANKS BLACKLISTING CLIENTS BASED ON POLITICAL VIEWS

Tue 04 July 2023:

The British government has opened an investigation into allegations that certain clients are being blacklisted by UK banks because of their political opinions.

This action is a response to complaints from people who have complained about having restricted access to financial services, including famous Brexiteer Nigel Farage. The government aims to strike a balance between the need for banks to manage commercial risk and the right to free speech.

The Financial Conduct Authority has been tasked with reviewing the treatment of politically exposed persons, and the government is considering introducing stricter regulations regarding account closures and disclosure of reasons by financial institutions.

Several cases have emerged where individuals and groups claim to have lost access to financial services due to their expressed views. Nigel Farage, a leading proponent of Brexit, reported that his bank account of over three decades had been closed, and he faced rejections when attempting to open accounts with other lenders.

Additionally, reports have surfaced about a vicar whose account was allegedly closed after he criticized his lender’s promotion of transgender “ideology.” These instances highlight the potential impact on individuals and groups who face restrictions on accessing financial services based on their political views.

The British government has expressed worry over claims that banks have refused to provide financial services to people who have lawfully used their right to free speech.

he Ministry of Finance has stated that it is committed to safeguarding free speech while making sure that banks can successfully manage their commercial risk. In an effort to find a balance between customer rights and banks’ risk management, the government has taken steps to address these concerns by adopting laws mandating the Financial Conduct Authority to assess the treatment of politically exposed persons.

PayPal, a major player in payments, has come under fire for cancelling customer accounts without providing a reason. PayPal terminated The Daily Sceptic’s online payment account. The Daily Sceptic questions the validity of COVID-19 vaccines and the scientific consensus on global warming.

Similar to this, Toby Young, the founder of the Free Speech Union, who attacks “cancel culture,” also had his account terminated. These incidents were noted by the government’s assessment of payment regulations, which led to demands for more accountability and openness in financial service providers’ decision-making procedures.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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