UK: Building Society Admits Closing Accounts of People Who 'Discriminate'

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Facts

  • A leading British building society on Friday revealed that it closes customers' accounts if they engage in behavior considered discriminatory amid an uproar as banks are accused of dumping people over their political beliefs.1
  • The Yorkshire Building Society (YBS), which has 3M customers, stated that these decisions aren't made based on "different opinions" but rather on a case-by-case basis when a client is "rude, abusive, violent or discriminates in any way."2
  • In a note seen by The Times, the lender informed the Anglican Rev. Richard Fothergill — who had been with the YBS for 17 years — that his account would be closed within 14 days, citing a "zero tolerance approach to discrimination" after he protested against the institution allegedly pushing transgender "ideology."3
  • This comes as Brexit leader Nigel Farage claimed on Thursday that he's facing "serious political persecution" as his decades-old accounts with an unnamed lender — previously reported to be Coutts — are being closed without "explanation and resource."4
  • The now-GB News presenter further asserted that this issue may affect his future living in the UK as he has reportedly been turned away from opening new personal and business accounts with seven other banks.5
  • Meanwhile, the pro-Scottish independence journalist Stuart Campbell suggested that his accounts with First Direct were canceled after 25 years based on his LGBTQ+ stance. The retail bank division of HSBC didn't comment on the case but stated that ending a customer relationship is "absolutely not based on individual beliefs."6

Sources: 1Daily Mail, 2The Telegraph, 3Times, 4Bloomberg, 5Independent, and 6Express.co.uk.

Narratives

  • Right narrative, as provided by The European Conservative. That right-wing people have been experiencing corporate or institutional pushback for their political beliefs is not a novelty at all, but recently even their bank accounts have been shut down based on personal opinions. De-banking is a dangerous practice that threatens the very foundations of Western democracy by effectively turning individuals questioning the establishment into non-persons.
  • Left narrative, as provided by The Guardian. It seems outright ironic that Farage and his like-minded bigots in Britain are now crying persecution for having their bank accounts closed as they have long sought to force banks and building societies to dump loyal customers and organizations with alleged links mainly to Asian and African countries that are deemed "risky" in terms of money laundering and terrorism. As the saying goes, you reap what you sow.