Why Has My Bank Account Been Closed?

This blog will look at the reasoning banks may have when deciding to freeze or close your bank account, new rules proposed by the Government and rights and protective measures available to customers.

BACKGROUND

We recently saw the conclusion of a headline-grabbing, high-stakes banking saga that revolved around UK politician Nigel Farage, private banking company Coutts, and National Westminster Bank (NatWest). However, the phenomenon of 'de-banking' has not been limited to Farage; businesswoman and anti-Brexit activist, Gina Miller, faced a similar situation, with her political party bank account being shut down by online bank Monzo. Notably, in both cases the banks initially refused to share details as to why they chose to end the relationships, eventually providing very minimal information which confirmed that both closures were politically driven.