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TREASURY TO MEET BANK BOSSES OVER FARAGE ROW

Published
23 July

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Image source, Getty Images
By Tom Espiner & Noor Nanji
Business reporters, BBC News


The Treasury has called a meeting with bank bosses over account closures,
following the row between Nigel Farage and NatWest.

Minister Andrew Griffith said there was "significant concern" over claims
accounts are shut due to people's political views.

NatWest boss Dame Alison Rose has apologised to Mr Farage, who has called for
her to be questioned by MPs.

He says his account at Coutts, owned by NatWest, was shut because of his views.

The government was already looking into concerns that some people had their
accounts closed or suspended due to their publicly stated views, but the row
involving the former Ukip leader has focused public attention on the
allegations.

In a letter to banks seen by the BBC, City Minister Andrew Griffith said the
recent allegations of "client de-banking" had "raised significant concern in
both Houses of Parliament".



He said the government will "take the action necessary" to protect lawful
freedom of expression.

The BBC understands Mr Griffith's letter will be sent to 19 banks and financial
services firms on Monday.

He said he would call for a discussion with bank bosses "at the earliest
opportunity".

The latest government response comes after the Treasury announced plans to
subject UK banks to stricter rules over closing customer accounts.

Banks will have to explain why they are closing accounts, and they will have to
give a notice period of 90 days before closing an account, to allow people more
time to appeal against the decision.

The new rules are likely to be brought in after the summer, the BBC understands.



When Coutts decided to close Mr Farage's account, he said it did not give him a
reason.

Mr Farage subsequently obtained a document looking at his suitability as a
Coutts customer.

It said that to have Mr Farage as a customer was not consistent with Coutts'
"position as an inclusive organisation" given his "publicly stated views".

The document flagged concerns that he was "xenophobic and racist", and also
raised concerns about the reputational risk of having Mr Farage as a client.

The boss of NatWest Group, Dame Alison Rose, then apologised to Mr Farage for
what she called the "deeply inappropriate" comments.

She also said that she was commissioning a full review of Coutts' processes on
bank account closures.




RELATED TOPICS

 * UK banking
 * Companies
 * Nigel Farage
 * NatWest Group
 * Banking


MORE ON THIS STORY

 * Farage gets apology from banking boss in Coutts row
   
   Published
   21 July
   
   

 * The bank boss brought down by the Nigel Farage row
   
   Published
   26 July
   
   





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