Rees-Mogg pushing to ban banks from shutting down accounts of politicians

Nigel Farage has discovered a distinguished ally amid claims his financial institution shut down his account as a result of he was “politically exposed”.

Jacob Rees-Mogg has launched a push to cease banks shutting down people’ accounts as a result of they’re a “politically exposed person”, a transfer designed to make sure politicians can’t take bribes or launder cash however is more and more showing to focus on these representatives with controversial views.

Sir Jacob has introduced he’ll try to amend the forthcoming Digital Markets Bill to stop banks from blacklisting prospects like Mr Farage.

Jeremy Hunt has already ordered an investigation by City Minister Andrew Griffith into the controversy.

Sir Jacob informed the Telegraph: “It is right for banks to block the accounts of individuals. The problem is they are doing this in far too many cases”.

“On an individual basis, it might be reasonable, but it keeps happening and makes you think banks have an agenda.

“Without a bank account you are a non-citizen because we don’t have protection of cash in this country.

“Many shops no longer take cash. If you don’t have a bank account you are a non-person. You would hope the Government is sympathetic to this amendment.”

Over the weekend it emerged Jeremy Hunt was refused an account with Monzo final 12 months, with the Chancellor saying it was an instance of the “barriers” confronted by these desirous to work in public life.

Mr Hunt believes he was additionally denied the account as a result of he was a “politically exposed person”.

“If the price of going into public life is that you find it really hard to set up a bank account, then we need to make sure that we remove barriers where we can.

“I think that’s why I was declined by Monzo for an account last year.”

Security Minister Tom Tugendhat has additionally stated it must be “unacceptable” for banks to shut accounts on “political grounds”.

The Treasury has stated: “It would be a serious concern if financial services were being denied to those exercising the right to lawful free speech.”

The Digital Markets Bill is at the moment working its method by the Commons after being launched in April.

Sir Jacob’s modification would require banks to supply prospects with a written assertion of their causes for closing the account inside 30 days of their choice.

The prospects would even have a proper to damages for monetary loss, emotional misery and bodily inconvenience and discomfort if the financial institution acted in breach of its obligations.

The paper additionally claims a vicar was lately dropped as a buyer after criticising his lender’s stance on LGBT points.