UK banks are closing more than 1000 accounts daily, the process which started in 2017-18 to shut 45,000 accounts has climbed to 325,000 in 2021-22 data received through Freedom of Information (FOI) revealed. This number also includes some MPs and politicians in the UK. Nigel Farage, leader of UKIP, whose own account has been shut without prior notice is leading a campaign against the new trend started by the banks in the UK called “debunking”. Farage demands an inquiry by the royal commission. He says he will be starting a website to raise the voice of the people who have lost their accounts.
FCA says tackling financial crime remains its top priority. They also added that the number of people turned down by banks for financial reasons is less than 0.2 per cent. They highlighted that increased monitoring is the main reason for people being shut down by the banks. There are more than 90,000 people in the UK who are categorized as "politically exposed persons” and most of them have been declined by the banks. UK Energy Secretary, Grant Shapps says one bank asked him to show pay slips of the past 18 years before he can open an account in the bank. The UK government plans to change rules around account closing including a longer notice period.
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