“FCA finds debanking not based on political views but rather customer behaviour”

Oct 4, 2023 | Financial Services

If you follow these things, you may have noticed N Farage getting all the publicity at the Conservative Conference this week, dancing with Priti and still promoting himself as the People’s Champion, fighting those terrible institutions who could conspire to debank you and close your account at the drop of a cheque book. The regulator’s first look at this, however, shows that it’s not Brexity or other politics, but stroppy behaviour which might cause your bank to ‘disengage’ with you and close your account. I’d contend that banks, whatever you may think of them, are still businesses, and so have the right to pick and choose with whom they deal, as should we at the other end of the financial services food chain. Provided there are no cartels or monopolies, customer choice should be allowed surely work both ways.

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“Advisers fearful of further compliance and regulation”

“Advisers fearful of further compliance and regulation”

We know, of course we know, that regulation is, or at least should be a ‘good thing’. If those who need or should seek advice can be confident that they’ll be told the right thing, that someone has looked at those ’too good to be true’ investments before they’re allowed to take your money; or, in the case of a Woodford, while they’re raking it in to make sure it’s going where it’s supposed to.