FCA Finds No Evidence of Customers Being Debanked over Political Views

THE GUARDIAN: Watchdog launched inquiry after row over Coutts’s handling of Nigel Farage’s account

Coutts on the Strand in central London. The bank was embroiled in controversy after it said it was going to close Nigel Farage’s account. Photograph: Antonio Olmos/The Observer
The UK’s financial regulator has found no evidence showing banks have shut or denied accounts to customers based primarily on their political beliefs, according to a preliminary review launched in the wake of the Nigel Farage debanking row.

Despite growing concerns that customers have been quietly discriminated against because of their political views, the Financial Conduct Authority (FCA) said initial findings showed the primary reason for accounts being closed, suspended or denied was either that the account was inactive, or that they had concerns that the customer was involved in financial crime.

“While no bank, building society or payment firm reported to us that they had closed accounts primarily due to someone’s political views, further work is needed for us to be sure,” said the FCA chief executive, Nikhil Rathi. » | Kalyeena Makortoff, Banking correspondent | Tuesday, September 19, 2023