Chancellor Jeremy Hunt has written to the Financial Conduct Authority (FCA) in the wake of Nigel Farage’s debanking scandal.
Speaking on GB News, the Chancellor of the Exchequer told Business and Economics Editor Liam Halligan that he has taken steps to find out whether what happened to Farage is a common theme.
It comes after Hunt revealed that he has been a victim of a similar occurrence, with online bank Monzo denying him of an account before he became Chancellor.
He said Nigel Farage’s case is a “chilling” reminder of what society could be headed towards without freedom of speech.
“What I would say is, as a major shareholder of NatWest, we were very concerned after this error of judgment”, he said.
“In a free society, being able to say what you believe is a fundamental human right and in the modern world we all need bank accounts.
“So if you have to worry that you might be expressing a view that someone in the bank doesn't agree with, you could lose your bank account.
“That has a chilling effect on free speech. That is not acceptable. It is also against the banking regulations.
“It's effectively against the law. So today I've written to the regulator that has the power to put big fines on banks [FCA].”
The FCA is the financial regulatory body in the UK which has the ability to impose fines on banks for wrongdoing. It works independently of the UK Government.
Coutts chiefs attempted to 'exit' FarageGB NEWS
The Chancellor went on to tell Halligan that he wants to find out whether debanking is a “widespread” theme in the banking community.
He said: “I want to know, is this widespread? Was it a one off thing or is it more widespread?
“And what are we doing about it? To make sure that banks obey the law.”
“The reality is that NatWest got this wrong, plain and simple. The board has taken action.
“What I'm now wanting to make sure is that this isn't more widespread because I think this would be a very, very big step in the wrong direction and we need to stamp it out.”
NatWest has announced an independent review, with lawyers looking at the closure of Farage’s account and other instances of debanking by Coutts.
NatWest’s Dame Alison Rose resigned as chief executive after acknowledging a “serious error of judgment” by discussing with a BBC journalist Farage’s relationship with Coutts.
GB News’ Nigel Farage revealed last week that Coutts have offered to reinstate his personal and business accounts, and he is seeking compensation from the private bank.
The former UKIP leader said the “fight goes on” as he outlined his hope to meet the bank’s bosses face-to-face in a bid to understand how many have been affected by account closures.
Farage said on GB News: said: “The new CEO of Coutts, Mo Syed, somebody who has held very senior positions within that bank, is now the boss and he has written to me to say I can keep both my personal and my business accounts.
“And that’s good and I thank him for it.”
