UK banks will be forced to explain and delay any decision to close accounts, under new rules announced by the Treasury on Thursday.
The government has addressed concerns that banks are blacklisting certain customers because of their political views, after people including leading Brexit supporter Nigel Farage said their access to finance was being cut.
“The government intervened to address concerns that banks are closing accounts because they disagree with a person’s political beliefs,” the Treasury said in a statement.
On Wednesday, the Financial Conduct Authority said it was speaking with NatWest about its handling of Farage’s accounts.
Under the new rules, banks will have to explain any closures and customers will have more time, 90 days, to challenge a decision through the Financial Ombudsman Service or find another bank, the Treasury said.
“Banks hold a privileged place in society, and it is right that we strike the right balance between the right of banks to act in their business interests and the right of everyone to speak their minds,” said Treasury Secretary Andrew Griffith.
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