UK Chancellor Jeremy Hunt has urged the Financial Conduct Authority (FCA) to expedite an investigation into whether individuals are having their bank accounts closed due to their political views.
This request follows the closure of Nigel Farage's Coutts account, with the former UKIP leader’s political views seemingly contributing to the closure.
Hunt has called for the FCA to swiftly determine the extent of this practice and put an end to it.
The FCA has indicated that Hunt's request aligns with their plans, and they will provide an initial assessment by mid-September.
Hunt emphasised that individuals' ability to express their opinions should not be hindered by the threat of having their bank accounts closed.
He also highlighted the FCA's authority to impose substantial fines on banks if the practice is found to be widespread.
The controversy has led to a campaign against account closures by Farage that has garnered support from government ministers.
The FCA's investigation will scrutinize the number of affected individuals, the reasons behind banks' decisions, monitoring and enforcement actions taken, and available recourse for customers.
The regulator's response will be delivered in September.
In a related development, The Telegraph reported that gun clubs in the UK have become the latest victims of account closures, with research revealing that a third have faced sudden closures of their accounts.
Banks like HSBC, Barclays, Lloyds and NatWest have reportedly refused accounts or credit to businesses associated with gun clubs.