Chancellor Jeremy Hunt has said banks face 'very large' fines if they close customers' accounts because of their political opinions
Chancellor Jeremy Hunt has said banks face"very large" fines if they close customers' accounts because of their political opinions.
His warning comes in the wake of the row surrounding former UKIP and Brexit Party leader Nigel Farage,on Thursday, Mr Hunt said he had written to regulator the Financial Conduct Authority to look into the issue of"so-called de-banking"."And the reason I'm worried is because free speech is a fundamental human right, and you can agree or disagree withMr Hunt said regulations already exist that ban banks from closing accounts due to someone's political views.
But he revealed the FCA had promised to carry out a review into the issue and report back to him by September. The chancellor added:"They have the right to fine banks very large sums of money if they find this practice is widespread. I want to know if it is and I want to know what they're doing about it."
Mr Farage later responded on X, formally known as Twitter, writing:"The chancellor has written to the FCA about my case and the issue of de-banking. Thank you @Jeremy_Hunt".
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