Banks ‘shall be instructed to guard free speech’ after Farage’s account claims

The Treasury will inform banks and constructing societies that they need to uphold and defend free speech, in response to experiences.

It comes amid a slew of accusations – spearheaded by Nigel Farage – that clients have had their accounts closed for expressing political opinions and opinions. Banks and constructing societies have mentioned that choices to shut accounts are “absolutely not based on individual beliefs”.

However, Chancellor Jeremy Hunt is reportedly “deeply concerned” concerning the allegations. He is alleged to have tasked Economic Secretary to the Treasury Andrew Griffith with investigating the problem.

A session on the topic – launched earlier this yr after PayPal closed the accounts of the Free Speech Union – shall be revealed inside weeks, say Whitehall sources. And now The Treasury is reportedly set to name for a toughening up of guidelines across the discover interval that have to be given earlier than an account is closed.

A senior Treasury supply instructed The Telegraph: “It is absolutely a concern. No one should have their bank account denied on the grounds of freedom of expression. We expect to take action on this issue within weeks.”

“Banks and payment providers occupy a privileged place in society and it would be a concern if financial services were being denied to those exercising the right to lawful free speech.”

The sources mentioned that even individuals with excessive views ought to be entitled to carry a checking account, as long as they haven’t damaged the legislation. Under present legal guidelines, banks should give clients at the very least 30 days’ discover in the event that they intend to shut private financial institution accounts.

But much less discover may be given in “exceptional circumstances”. This would come with suspected fraud, or if the shopper was abusive in the direction of employees.

It comes after Nigel Farage recommended his financial institution accounts have been closed resulting from “prejudice” and since the “corporate world” has not forgiven him for Brexit. It has additionally been claimed {that a} buyer who gave destructive suggestions about Yorkshire Building Society’s web site being festooned with Pride flags had their checking account closed.

Reverend Richard Fothergill, an Anglican vicar, claimed that his Yorkshire Building Society account was shut down days after writing to the financial institution to complain about its public messaging throughout Pride month. A spokesman mentioned the corporate by no means closes accounts primarily based on completely different opinions or beliefs, including an account was solely ever closed if a buyer is “rude, abusive, violent or discriminates in any way”.

Journalist Stuart Campbell, who runs the pro-Scottish independence weblog Wings over Scotland, recommended his accounts with First Direct had been closed due to his views on gender and intercourse. First Direct mentioned “decisions to end a customer relationship are not taken lightly, but are absolutely not based on individual beliefs”.

However, Journalist and former Conservative MP Toby Young, from the Free Speech Union, described banks closing accounts as “chilling”, “sinister” and “like something from communist China”.