Banks are to be warned they must protect free speech as Jeremy Hunt is said to be ‘deeply concerned’ lenders are blacklisting customers after Nigel Farage revealed his account had been closed
- Jeremy Hunt reportedly ‘deeply concerned’ lenders are blacklisting customers
- Read more: Are banks shutting out customers with anti-woke beliefs?
Banks are to be warned by ministers that they must protect free speech as increasing numbers of customers are having their accounts closed for holding allegedly controversial views.
The Chancellor Jeremy Hunt is reportedly ‘deeply concerned’ that lenders are blacklisting customers they are deemed to hold contrary political beliefs and social values.
The controversy flared up last week after Nigel Farage revealed his long-standing account had been closed by his bank, while a vicar was dropped by another lender for questioning why their branches were displaying Pride flags.
The results of a Government consultation on the subject are due to be published in the coming weeks. The Treasury may recommend a more rigid notice period if banks and other lenders want to close a customer’s account, as well as providing deeper justification via more information and evidence for such a move.
Regulators are also likely to be empowered to take action against banks that break the rules.
Chancellor Jeremy Hunt (pictured) is reportedly ‘deeply concerned’ that lenders are blacklisting customers they are deemed to hold contrary political beliefs and social values
The controversy flared up last week after Nigel Farage (pictured) revealed his long-standing account had been closed by his bank
A Treasury source told the Daily Telegraph: ‘It is absolutely a concern. No one should have their bank account denied on the grounds of freedom of expression. We expect to take action on this issue within weeks.’ The source said that even those with extreme views should be entitled to hold a bank account as long as they have not broken any law.
Mr Farage revealed his bank accounts will be shut down this summer without any proper explanation, and also claimed three members of his family have suffered the same fate. He did not name the bank but it is understood to be Coutts, the 327-year-old private institutions whose clients include members of the Royal Family.
Journalist Stuart Campbell, who campaigns for Scottish independence, said his accounts at First Direct were closed because of his views on gender and sex, including declaring: ‘Women don’t have penises.’
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