A review by the financial regulator said that no banks reported that they had closed accounts primarily due to someone’s political views.
Anger
The probe was launched in July after former Brexit Party leader Nigel Farage had his account closed by down by the prestigious bank Coutts.
Both Mr. Farage and Reform Party leader Richard Tice, who also said that he was “debanked” because of his political views, reacted with anger at the report.
Mr. Farage called the recent report a “whitewash and a joke,” with Mr Tice calling it “a disgrace.”
“As we undertake that work, the time is also right for a debate on how we balance access to bank accounts with the threat of financial crime, as well as firms’ reasonable risk and commercial appetites,” Mr. Rathi said.
“An important question for policymakers is whether all individuals, businesses, and organisations should have the right to an account, as is the case in some other countries,” he said.
Farage’s Debanking
When Mr. Farage said he was “debanked,” he said he had been persecuted for his views.
It was later revealed in a 40-page memo by a Wealth Reputational Risk Committee that support for former President Donald Trump as well as his views on immigration, net zero, and the COVID-19 vaccine are listed as reasons to exit him.
“If we don’t have a regulator that is fit for purpose, what hope is there for our banking industry?” he added.
“By the way, the same Financial Times that wrote I had been debanked through lack of funds, which was wrong,” he added.
Mr. Farage added that he believes the FCA “are overtly political.”
“They have been putting huge pressure on the banks and financial institutions to follow the diversity and inclusion agenda, yes of course that matters far more than protecting customers’ money,” he said.
Stitch Up
Last month, Mr. Tice confirmed The Epoch Times that he had a loan rejected from a major bank because the key Brexit figure was deemed a “reputational risk.”
Explaining the “reason for decline,” in the report Swiss Re added that “the chief executive is Richard Tice, a former member of the European Parliament. He is currently leader of Reform UK.”
Reacting to the FCA’s report, Mr. Tice told The Epoch Times that it was a “disgrace” and that he was “furious.”
He said that the report was a “cover-up stitch up by the Establishment” and that the “CEO should resign, so out of touch.”
