Bank privacy processes questioned after U.K. ‘debanking’ scandal
By 
Neil Hodge2023-09-21T19:05:00
The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.
The answer is “no,” said the U.K.’s Financial Conduct Authority (FCA).
In a report published Tuesday, the regulator said no firm closed a personal account between July 2022 and June primarily because of a customer’s political views—a practice that is banned under the U.K.’s Payment Accounts Regulations.
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