British banks are collectively shutting around more than 1,000 accounts every working day according to data obtained from a Freedom of Information (FOI) request.
The details were revealed over the weekend by The Mail on Sunday, which made the request to the Financial Conduct Authority (FCA).
According to the newspaper, the number of accounts being closed down has increased significantly in the recent years, jumping from below 50,000 in 2016 to nearly 350,000 in 2022.
The details follow a decision by NatWest chief executive Alison Rose to step down after admitting she gave inaccurate information to the BBC about the closure of ex-UKIP leader Nigel Farage’s personal account with Coutts.
Coutts is a UK private bank and wealth manager owned by the NatWest Group.
A story recently emerged on the BBC in which a source said Coutts' decision on Farage's account did not involve considerations about his political views. This has since turned out to be inaccurate, with the BBC updating its original story to set the record straight.
The anonymous source, now identified as Rose, told the broadcaster that the prominent Brexiteer was refused an account with Coutts because he “fell below the financial threshold” required to hold an account at Coutts.
Peter Flavel, chief executive of NatWest-owned Coutts, was also dismissed in the wake of the row just 48 hours after Rose resigned.
On Saturday, Farage announced on social media that he was launching a new campaign group and website for individuals and small businesses who have "faced unjust treatment from banks", particularly those that have had their accounts "abruptly closed".
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