It said some of Farage’s comments were “not in line with our views or our purpose”. The report highlighted his ties to politicians such as Donald Trump, and his views on issues including migration and Russia. Politically exposed persons – individuals who because of their roles as public officials are deemed to carry a higher risk of bribery or corruption – require additional supervision.īanks can also monitor any negative media coverage of their customers, as well as social media accounts and credit data, but this is usually meant to identify people who could potentially carry out a criminal act.Ĭoutts’ internal report said the bank was concerned about Farage’s “xenophobic, chauvinistic and racist views” and believed maintaining his accounts posed a reputational risk. How and why do banks monitor clients’ opinions?īanks have a legal obligation to monitor their clients’ account, and to make risk assessments based on the information they have gathered. But voluntary guidelines laid out by the banking lobby group UK Finance in 2019 say banks that close accounts for other reasons should try to explain their decision to customers in a “sensitive” way that is “easy to understand”, as long as it is “feasible and permissible” to do so. This was one of the key reasons Coutts cited when deciding to shut the former Ukip leader’s account, according to internal documents obtained and released by him on Wednesday.īanks cannot tell customers if their account is being closed owing to a suspicion of financial crime. Lenders can also choose to close or refuse an account if they believe a customer poses a risk to their reputation. The rights charter states: “Any discrimination based on any ground such as sex, race, colour, ethnic or social origin, genetic features, language, religion or belief, political or any other opinion, membership of a national minority, property, birth, disability, age or sexual orientation shall be prohibited.” So has Farage had his rights infringed?Įveryone is entitled to obtain a standard bank account, but UK banks, like most businesses, are free to deny additional services to customers for a number of reasons, from threats of violence towards bank staff to suspicions of financial crime. The legislation states: “A credit institution must not discriminate against consumers legally resident in the European Union by reason of their nationality or place of residence or by reason of any other ground referred to in article 21 of the charter of fundamental rights of the European Union when those consumers apply for or access a payment account.” Those rules, which came into force under the 2015 payment accounts regulations introduced in European legislation before Brexit, gave people in the UK and other member states a right to have a basic bank account, with protections against discrimination. What rights do I have to a bank account in the UK?Įveryone in the UK has a legal right to hold a basic bank account, offering the ability to receive and make payments.
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