Liz Truss, Britain's shortest-serving Prime Minister, was turned down for a checking account from Monzo through the Tory Party management contest she ultimately gained as a result of she was judged to be a politically uncovered individual (PEP), insiders have claimed.

Sources near Ms Truss say she was "de-banked" throughout final summer season’s contest, throughout which she raised £500,000.

Monzo has additionally been accused over refusing a request from the Truss marketing campaign workforce to host its account whereas refusing to supply a motive, prompting them to go elsewhere.

EU-era regultions associated to cost accounts require banks to think about whether or not PEPs are extra inclined to bribery or corruption as a resolve of the positions which they maintain.

They should additionally apply enhanced due diligence to PEPS to verify they don't use their establishment for money-laundering functions.

One insider aware of the financial institution instructed The Mail on Sunday that Ms Truss “was turned down because she was a PEP”.

Ms Truss criticised the principles final month in an article written for The Telegraph final month, arguing they make “elected representatives automatically subject to added suspicion”.

She added: “Not having the ability to get a mortgage or open a brand new checking account is hardly going to attract many new aspiring candidates into the pool of potential future MPs."

A statement issued by Monzo said: “Our ambition is to make money work for everyone, which means that we’re politically neutral and personal views play no part in our policies or decision making, including eligibility for a Monzo account.

Any suggestion otherwise is categorically untrue.”

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