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Thanks to pressure from the FSU, the government is tightening the rules around 'debanking'. Banks will soon have to give 90 days’ notice and clear reasons before shutting accounts — a major step forward for free expression in an increasingly digital world.https://t.co/nOupxVzifg
Labour is tightening the rules around debanking to protect customers in light of Nigel Farage’s high-profile row with NatWest, requiring banks to explain closure decisions in writing and allow them to be challenged. https://t.co/GSAkBA2sNc
Victory for the campaign against de-banking which I led as City Minister with @toadmeister of the @SpeechUnion. These new rules force banks to give longer notice, clear reasons for de-banking, and more ability to fight back. Not perfect but a real step forward. 👇🔗 https://t.co/mZuckssa96
The UK government is implementing new regulations to protect consumers from de-banking, requiring banks to provide 90 days' notice and clear explanations before closing accounts. These changes, part of updates to the Payment Services Regulations, aim to enhance consumer rights by allowing customers to challenge account closures. The reforms follow lobbying efforts by the Free Speech Union (FSU) and support from Labour, prompted in part by high-profile cases such as Nigel Farage's dispute with NatWest. Former City Minister Jonathan Griffith, who led the campaign alongside the FSU, described the new rules as a significant step forward, though not perfect. The changes were delayed by the previous snap election but are now moving forward to offer greater transparency and protection in banking practices.
