Treasury sets out plans to shake up guidance in effort to protect savers
The Government has announced new rules to stop banks closing savers’ accounts because of their views.
The Treasury said it will shake up Financial Conduct Authority guidance on banks through secondary legislation in an effort to protect savers’ “freedom of expression”.
The changes will run alongside separate government plans to clarify the requirements for politically exposed persons, and a regulator review into whether these rules are being applied proportionately by financial institutions.
It comes after Coutts bank – which is owned by NatWest – closed Nigel Farage’s accounts because his views did not “align” with its “values”.