Investigation Begins: US Banking Giant Accused of Violating Customer Rights by Abruptly Closing Accounts
Her Majesty’s (HM) Treasury is conducting an investigation into alleged politically motivated unbanking practices by a US financial giant. American Express’ banking arm, and two British banks, Metro Bank and Yorkshire Building Society.
Concerns have arisen regarding the abrupt closure and suspension of customer accounts based on their political views. Specific allegations include Metro Bank closing accounts linked to the political party. Reform UK and Nigel Farage’s claims that the Brexit Party’s Metro accounts were closed. Farage’s accounts at Coutts Bank were also recently closed due to a misalignment of views. Similarly, Reform UK leader Richard Tice faced the closure of his American Express account after refusing to hand over certain documents. Yorkshire Building Society closed the account of Reverend Richard Fothergill. And following inquiries about the bank’s support for trans people and its celebration of Pride month.
As part of the investigation, Andrew Griffith, the Economic Secretary to the Treasury plans to meet with top bank executives and payment providers to address concerns over the treatment of prominent clients. Expressing controversial political views. Griffith asserts that banks and payment service providers should not terminate accounts based on users’ lawful exercise of freedom of expression. Which the government fully supports and aims to protect.
Clever Robot News Desk 31th July 2023
