A Financial Conduct Authority review has found no evidence that politicians are being denied bank accounts due to their views, according to a person familiar with the matter.
The UK watchdog is set to publish shortly its findings from data submitted by dozens of the biggest banks and building societies about account closures and the reasons for them. The Treasury in August called on the FCA to “urgently” investigate the scale of debanking after the outcry that followed the closure of Nigel Farage’s account with Coutts.
Farage revealed over the summer that NatWest Group Plc unit Coutts was closing his account, sparking a public fight over the decision that has prompted the resignation of the bosses of NatWest and Coutts. He has vowed to campaign for others who have been “debanked” on questionable grounds.
“This is an absolute farce,” Farage said by phone. “There are so many people who have been debanked for political reasons, because their views don’t align or because they are PEPs.”
The FCA declined to comment. The Financial Times reported the news earlier.
Read More: UK Treasury Asks FCA for Debanking Answers After Farage Debacle
