Debanking Row Revived By UK Regulator Review - Decrypt


19 Sep 2023 11:44 AM

The Financial Conduct Authority is reported to have found no evidence of politically-motivated account closures....

  • The UK's financial watchdog, the Financial Conduct Authority (FCA), is expected to release a report stating that there is no evidence of people being "debanked" for their political views.
  • The review is based on data from 34 banks and payment providers between June 2022 and June 2023.
  • The FCA acknowledges that the data was compiled quickly and not all banks have good systems for recording reasons for account closures or refusals.
  • The review was prompted by Nigel Farage's claim that his account with private bank Coutts was closed due to his political views.
  • Farage criticized the FCA's upcoming report, calling it a "whitewash" and a "joke."
  • The issue of centralized financial institutions controlling access to banking services has also affected cryptocurrency enthusiasts and businesses.
  • Some lawmakers have criticized the FCA for not involving potential victims in their investigation.

The sentiment of the article is mixed. Nigel Farage and some lawmakers are critical of the FCA's report, while others believe that financial services should not assess customer views.

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You May Ask

What is the purpose of the FCA's review?What prompted the review?How does Nigel Farage feel about the upcoming report?What is the role of centralized financial institutions in controlling access to banking services?Why have cryptocurrency enthusiasts and businesses also been affected by debanking?

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