In today’s Telegraph, Nigel Farage, an outspoken conservative and Brexiteer, reported that his personal and business bank accounts with an as yet unnamed UK bank (pending legal action) are to be closed for “commercial reasons”. The lack of transparency from the bank in question creates an unsettling impression that Mr. Farage is being discriminated against because of his political beliefs. To make matters worse, his subsequent attempts to open accounts with seven other banks were denied in each case.
The Telegraph states that a bank in the United Kingdom can close an accountholder’s account without explanation. This in itself is troubling as it leaves the door open for “financial persecution” simply because a bank does not agree with the political views of an account holder. Moreover, Mr. Farage’s experience with seven other banks offers the unsettling possibility that there is and has been collusion at the highest levels of the UK’s financial institutions to make Mr. Farage’s life miserable.
The ability to bank is becoming more critical in an increasingly cashless society. Weaponising that need is troubling.
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