UK tightens rules over bank account closures

Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday.

The government has been looking into concerns that banks are blacklisting certain customers over their political views, after individuals including leading Brexiteer Nigel Farage said their access to finance was being cut. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement.

The government said the changes would increase the notice period to 90 days to give customers more time to challenge a decision or find a replacement bank. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts.

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