{"id":939,"date":"2023-07-23T15:32:34","date_gmt":"2023-07-23T15:32:34","guid":{"rendered":"https:\/\/260web.com\/news\/treasury-to-meet-bank-bosses-over-farage-row\/"},"modified":"2023-07-23T15:32:34","modified_gmt":"2023-07-23T15:32:34","slug":"treasury-to-meet-bank-bosses-over-farage-row","status":"publish","type":"post","link":"https:\/\/260web.com\/news\/treasury-to-meet-bank-bosses-over-farage-row\/","title":{"rendered":"Treasury to meet bank bosses over Farage row"},"content":{"rendered":"

Treasury to meet bank bosses over Farage row<\/p>\n

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\"Nigel<\/picture><\/span>Getty Images<\/span><\/div>\n<\/figure>\n<\/div>\n
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By Tom Espiner & Noor Nanji<\/div>\n
Business reporters, BBC News<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The Treasury has called a meeting with bank bosses over account closures, following the row between Nigel Farage and NatWest.<\/b><\/p>\n<\/div>\n<\/div>\n

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Minister Andrew Griffith said there was “significant concern” over claims accounts are shut due to people’s political views.<\/p>\n<\/div>\n<\/div>\n

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Natwest boss Dame Alison Rose has apologised to Mr Farage, who has called for her to be questioned by MPs.<\/p>\n<\/div>\n<\/div>\n

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He says his account at Coutts, owned by NatWest, was shut because of his views.<\/p>\n<\/div>\n<\/div>\n

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The government was already looking into concerns that some people had their accounts closed or suspended due to their publicly-stated views, but the row involving the former Ukip leader has focused public attention on the allegations.<\/p>\n<\/div>\n<\/div>\n

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In a letter to banks seen by the BBC, City Minister Andrew Griffith said the recent allegations of “client de-banking” had “raised significant concern in both Houses of Parliament”.<\/p>\n<\/div>\n<\/div>\n

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He said the government will “take the action necessary” to protect lawful freedom of expression.<\/p>\n<\/div>\n<\/div>\n

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The BBC understands Mr Griffiths’ letter will be sent to 19 banks and financial services firms on Monday.<\/p>\n<\/div>\n<\/div>\n

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He said he would call for a discussion with bank bosses “at the earliest opportunity”.<\/p>\n<\/div>\n<\/div>\n

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The latest government response comes after the Treasury announced plans to subject UK banks to stricter rules over closing customer accounts.<\/p>\n<\/div>\n<\/div>\n

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Banks will have to explain why they are closing accounts, and they will have to give a notice period of 90 days before closing an account, to allow people more time to appeal against the decision.<\/p>\n<\/div>\n<\/div>\n

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The new rules are likely to be brought in after the summer, the BBC understands.<\/p>\n<\/div>\n<\/div>\n

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Banks will have to tell customers why they are closing their account – and provide at least 90 days notice, to make it easier for customers to appeal against the decision.<\/p>\n<\/div>\n<\/div>\n

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When Coutts decided to close Mr Farage’s account, he said it did not give him a reason.<\/p>\n<\/div>\n<\/div>\n

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Mr Farage subsequently obtained a document looking at his suitability as a Coutts customer.<\/p>\n<\/div>\n<\/div>\n

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It said that to have Mr Farage as a customer was not consistent with Coutts’s “position as an inclusive organisation” given his “publicly stated views”.<\/p>\n<\/div>\n<\/div>\n

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The document flagged concerns that he was “xenophobic and racist”, and also raised concerns about the reputational risk of having Mr Farage as a client.<\/p>\n<\/div>\n<\/div>\n

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The boss of NatWest Group, Dame Alison Rose, then apologised to Mr Farage for what she called the “deeply inappropriate” comments.<\/p>\n<\/div>\n<\/div>\n

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She also said that she was commissioning a full review of Coutts’ processes on bank account closures.<\/p>\n<\/div>\n<\/div>\n

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Related Topics<\/h2>\n<\/div>\n
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