A new frontier in the fight for free speech
Views (83)
It is extremely disturbing to think that “cancel culture”, which already blights universities, might have crept into banking. Nigel Farage is the most high profile case: he says that his personal and business accounts have been closed. It might be because he is labelled a “politically exposed person”, carrying too much risk and compliance costs, and he reports that similar things have happened to his colleagues in Ukip and the Brexit Party. “No reasons are ever given,” he says.
Meanwhile, an Anglican vicar was told his account would be closed after he complained about the Yorkshire Building Society promoting Pride; and in June, Barclays Bank was forced to compensate Christian ministry groups after shutting their accounts due to pressure from LGBTQ+ activists. This is a sinister trend, and will put many readers in mind of China’s social credit system, whereby the state ranks the loyalty of its citizens and restricts services if they voice dissenting opinions.
Will consumers be granted a right to appeal? There might be good reasons why banks do not say why accounts are frozen or closed but it is easy to see how this can be abused – hiding a potentially subjective decision behind a bureaucratic “computer says no”.
Perhaps the FCA should also remind banks that they are not in the business of social engineering? They might favour certain causes, such as Pride, and find the opinions of certain customers unsavoury – but that does not mean they have the right to prevent anybody from engaging in our society and economy.
If the Conservatives stand for anything, it is for economic liberty and freedom of conscience, and they should consider it an urgent priority – a matter of party mission – to prevent any misuse of power.
0 Likes