Jeremy Hunt orders urgent probe into ‘debanking’ and brands it ‘threat’ to free speech
JEREMY Hunt last night ordered an urgent probe into “debanking” branding it a “threat” to free speech.
The Chancellor asked the Financial Conduct Authority to investigate amid fears “it may exist more than we had thought.”
It comes as banks face widespread reforms over account closures, after the Nigel Farage row led to the resignation of the top bosses at NatWest and Coutts.
The former Ukip leader presented evidence his bank account was unfairly shut down by Coutts, owned by NatWest Group, because it did not agree with his political views.
Mr Hunt said earlier tonight: “The reason I’m worried is because free speech is a fundamental human right.
“And you can agree or disagree with Nigel Farage but everyone wants to be able to express their opinions.
“But in today’s society you need a bank account to function and so a threat to be debanked, as the word is now widely used, is a threat to your right to express your opinions.
“So we have regulations, I think it’s regulation 18 of the payment accounts regulations, that ban this so-called debanking of people for their political views.
“I’ve written to the regulator, which is the Financial Conduct Authority.
“They have the right to fine banks very large sums of money if they find this practice is widespread.
“I want to know if it is and I want to know what they’re doing about it and they said they’ll get back to me by September.”
Mr Farage responded by tweeting: “The Chancellor has written to the FCA about my case and the issue of de-banking. Thank you Jeremy Hunt.”
The FCA last night confirmed they would probe debanking, asking major firms how many accounts they have shut or refused due to political reasons.
The watchdog said: “We recognise the increased public concern about payment accounts being closed without fair justification.”