In the 85-page report, the FCA revealed that all 34 financial institutions contacted had responded, and none of them closed any accounts "primarily because of a customer's political views" from June 2022 to June 2023. The most common reasons provided by the institutions for declining, suspending, or terminating accounts were inactivity/dormancy or concerns related to financial crime. In cases where personal beliefs were cited, it was predominantly due to customer behavior, such as inappropriate language or behavior towards staff.
However, the FCA acknowledged that its investigation was conducted swiftly and acknowledged the presence of gaps and inconsistencies within it. As a result, it emphasized the need for further work to ensure accurate aggregation of figures and averages. The FCA's chief executive, Nikhil Rathi, stated that while no financial institution reported closing accounts based on political views, additional research is necessary to fully confirm this conclusion.
Nigel Farage criticized the FCA report, describing it as a "complete and utter farce" and accusing it of being a whitewash. He had previously produced evidence indicating that Coutts closed his account due to his political views conflicting with the bank's stance on inclusivity. This revelation led to the resignation of Dame Alison Rose as NatWest chief executive after it was discovered that she had provided incorrect information to the BBC regarding the closure of Farage's account.
In conclusion, the FCA's investigation did not find any evidence supporting the claim of political bias in bank account closures. While the report acknowledges the need for further research, it highlights that the primary reasons for account closures were unrelated to customers' political views.
Prudential Financial Teams Up with Warburg Pincus to Lead $1 Billion Investment in Prismic Life Reinsurance
Prudential Financial and Warburg Pincus collaborate to lead a $1 billion investment in Prismic Life Reinsurance, with a vision to redefine the industry and fuel...
E.l.f. Beauty Inc.'s stock surged 10% in after-hours trading following the release of strong quarterly results that exceeded expectations.