▲ 80 ▼ Nigel Farage fury as regulator finds 'no evidence' of bank account closures due to political views (news.sky.com) submitted 2 years ago by Syldon@feddit.uk to c/uk_politics@feddit.uk 9 comments fedilink hide all child comments
[–] bernieecclestoned@sh.itjust.works 24 points 2 years ago (2 children) People with links to sanctioned Russians got debanked... not because of their political views permalink fedilink source hideshow 4 child comments replies: [–] killeronthecorner@lemmy.world 23 points 2 years ago* I mean it is kind of because of his political views, but not in the way he means. Like, if it's my political view that drugs should be legal, that doesnt mean Lloyd's need to tolerate me running a weed dealing business through their accounts. permalink fedilink source parent [–] Syldon@feddit.uk [S] 5 points 2 years ago (1 child) As was stated by many at the time. The banks cannot state it openly because of litigation, but that does not mean they cannot recognise the potential cost it presents. permalink fedilink source parent hideshow 2 child comments replies: [–] teamonkey@lemm.ee 4 points 2 years ago The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance. It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk. permalink fedilink source parent
[–] killeronthecorner@lemmy.world 23 points 2 years ago* I mean it is kind of because of his political views, but not in the way he means. Like, if it's my political view that drugs should be legal, that doesnt mean Lloyd's need to tolerate me running a weed dealing business through their accounts. permalink fedilink source parent
[–] Syldon@feddit.uk [S] 5 points 2 years ago (1 child) As was stated by many at the time. The banks cannot state it openly because of litigation, but that does not mean they cannot recognise the potential cost it presents. permalink fedilink source parent hideshow 2 child comments replies: [–] teamonkey@lemm.ee 4 points 2 years ago The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance. It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk. permalink fedilink source parent
[–] teamonkey@lemm.ee 4 points 2 years ago The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance. It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk. permalink fedilink source parent