It is extremely disturbing to think that the “culture of cancellation”, which already plagues universities, has crept into the banking sector. Nigel Farage is the most publicized case: he claims that his personal and professional accounts have been closed. This may be because he is branded a “politically exposed person”, bringing too much compliance risk and cost, and he reports that similar things have happened to his colleagues in the Ukip and the Brexit Party. “No reason is ever given,” he says.
Meanwhile, an Anglican vicar was told his account would be shut down after complaining about the Yorkshire Building Society’s promotion of Pride; and in June Barclays Bank was forced to compensate Christian ministry groups after closing their accounts due to pressure from LGBTQ+ activists. It’s a sinister trend that will remind many readers of China’s social credit system, in which the state ranks the loyalty of its citizens and restricts services if they express dissenting opinions.
It is therefore welcome to hear that Jeremy Hunt is “deeply concerned” by these stories and has ordered an investigation – on the grounds that it would be completely wrong for banks and payment providers to deny financial services to those who exercise the right to freedom of expression.
Will consumers have the right to appeal? There may be good reasons why banks don’t say why accounts are frozen or closed, but it’s easy to see how this can be abused – hiding a potentially subjective decision behind a bureaucratic “computer says no”.
There is a pattern of government action in the way regulators have recently been mobilized, or bullied, by the Treasury to cut costs or improve services, from fuel companies to water companies. The Financial Conduct Authority (FCA) has agreed to report on how higher interest rates are passed on to savers.
Perhaps the FCA should also remind banks that they are not in the business of social engineering? They may favor certain causes, such as Pride, and find some customers’ opinions unsavory – but that doesn’t mean they have the right to stop anyone from engaging with our society and economy.
If conservatives stand for anything, it is economic freedom and freedom of conscience, and they should make it an urgent priority – a matter of party mission – to prevent any abuse of power.
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month, then get a year for just $9 with our exclusive US offer.