Bank chiefs have been summoned for a meeting with Treasury ministers to discuss how customers can be protected from “being de-banked” after Nigel Farage accused Coutts of closing his account due to his political views.
The former UK Independence Party leader claimed earlier this month that the prestigious bank he had been with for over 40 years has closed his account with “no explanation.”
Last week, Mr. Farage released dossiers he had acquired from the bank, which indicated that Coutts shut his bank account because it found his public statements did “not align” with its values.
City Minister Andrew Griffith is expected to write to the chief executives of 19 banks, building societies, and digital challengers on Monday, warning that regulations around “politically exposed persons” (PEP) are “being applied in a disproportionate manner by some financial institutions.”…