A number of peers have said their children were either denied a bank account or ran into trouble because of their parents’ political career.
It comes after broadcaster and former Brexit Party leader Nigel Farage said his bank was shutting down his account and that he was denied an account by six or seven other banks. Mr. Farage also said he may be forced to leave the UK if he can’t find a bank.
While the reason of Mr. Farage’s account closure has not been confirmed, the incident has drawn increased scrutiny over anti-money-laundering rules that require financial institutions to carry out extra checks on “politically exposed persons (PEPs).”…