Nigel Farage fury as regulator finds 'no evidence' of bank account closures due to political views
Nigel Farage fury as regulator finds 'no evidence' of bank account closures due to political views
The one-time UKIP leader hits out at the FCA's findings following an investigation into the so-called de-banking row that cost the chief executive of NatWest her job.
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People with links to sanctioned Russians got debanked... not because of their political views
I mean it is kind of because of his political views, but not in the way he means.
Like, if it's my political view that drugs should be legal, that doesnt mean Lloyd's need to tolerate me running a weed dealing business through their accounts.
As was stated by many at the time. The banks cannot state it openly because of litigation, but that does not mean they cannot recognise the potential cost it presents.
The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance.
It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk.