According to reports, the British government is getting ready to unveil measures that might result in licences being revoked from banks that choose to debank clients because of their political beliefs.
As per July 20 report from The Times, the UK government is reportedly proposing stronger restrictions on banking licences that would aim to protect free expression.
Additionally, the U.K. Treasury is anticipated to publish the new regulations as early as next week, though a final decision has not yet been made.
According to the new rules, banks would have to give consumers three months advance notice before terminating their accounts. Users will also have the opportunity to appeal account closures, and banks will be expected to give a clear explanation.
The action follows a disagreement between politically conservative former lawmaker Nigel Frarage and the British private bank Coutts, which counts members of the British royal family among its customers.
Later this month, Coutts cancelled Farage’s bank accounts stating that his balance had fallen below the necessary level, but later admitted in leaked data that Farage’s conservative political beliefs did not “comply with their beliefs.”
The Daily Mail published documents that were obtained by Farage and described a Coutts meeting about his accounts.
In the discussion, Coutts representatives referred to Farage as a “disingenuous grifter” and stated that closing his accounts was necessary due to the “reputational risk” brought on by his political beliefs.
Rishi Sunak, the prime minister of the United Kingdom, criticised it and said that “no one should be denied access to essential services because of their political opinions. The foundation of our democracy is free expression.
After making “deeply inappropriate” remarks about Farage during the meeting, Alison Rose, CEO of Coutts parent business NatWest Group, apologised and decided to reopen his account.
The apologetic letter stated, “It is categorically not our practise to terminate a client on the basis of legitimately expressed political and personal views.
Farage is a passionate promoter of cryptocurrency and was formerly the head of the populist political groups Reform UK and the UK Independence Party (UKIP).
On December 3, 2020, Farage attacked the British pound as “funny money” from the government while praising Bitcoin as the “ultimate anti-lockdown investment.”
In 2022, Farage attended the Bitcoin Amsterdam Conference. He lauded Bitcoin for its anti-inflationary characteristics and its durability when compared to conventional banking facilities in an interview with the media firm.
