The Monetary Conduct Authority (FCA) has reportedly discovered no proof to indicate banks are closing or rejecting accounts solely primarily based on their political opinions.
The UK’s monetary regulator launched the preliminary evaluation after former UK chief Nigel Farage sparked a debate on free speech when he claimed his accounts with non-public financial institution Coutts had been closed due to his political opinions.
The following row over his “debanking” resulted within the resignation of NatWest CEO Dame Alison Rose and Coutts CEO Peter Flavel.
Different politicians got here ahead following the scandal complaining about comparable remedy from banks and lenders, main Chancellor Jeremy Hunt to order the FCA to launch an inquiry into whether or not MPs and different ‘politically uncovered individuals’ have been impacted by debanking.
A month later, the FCA has discovered no proof to counsel that politicians are, in actual fact, being denied financial institution accounts due to their political opinions, as first reported by the Monetary Instances.
Individuals aware of the scenario advised the FT that the FCA will publish its findings within the coming days to indicate political opinions weren’t the “major cause” for account closures throughout the 34 banks and funds corporations requested to submit information.
“Whereas no financial institution, constructing society or fee agency reported to us that that they had closed accounts primarily resulting from somebody’s political opinions, additional work is required for us to make certain,” FCA CEO Nikhil Rathi stated.
Taking to X (previously Twitter), Farage described the brand new report as “a whitewash” and “a joke”.
