Debanking complaints spike amid Nigel Farage vs Natwest row
Complaints about so-called 'debanking' have shot up by 44% over the past year, according to a report by the UK Financial Ombudsman Service - the most famous of which was the row involving Brexit politician Nigel Farage.
Debanking has impacted small businesses particularly with the number of such complaints rising 81% as more than 140,000 business accounts were closed in the past year by major UK banks including Lloyds, HSBC, Barclays, and Natwest.
It has also become something of a hot-button top and garnered tabloid attention after Nigel Farage has his account closed. The polarising politician attributes his debanking to political bias, though that is a claim that the bank denied.
Amidst the fallout of the Farage row, Natwest chief executive Alison Rose resigned.
Businesses banking customers have complained about the impact of sudden account closures, which they claim were abrupt and without sufficient warning.
The Financial Ombudsman Service noted an increase in upheld complaints related to debanking, which to some extend recognises its dissatisfaction of the practice.
There are calls for fresh discussions about the need for regulatory changes around the matter.
Explore Bias
Certain media outlets focus heavily on the impact specifically upon Nigel Farage, highlighting that debanking has become a politically-loaded topic of discussion.
Other reports lean more on the data provided by the Ombudsman and the highlighted ramifications for smaller businesses.
Farage, in his own subjective comments during a GB News interview, meanwhile discussed his personal experience of debanking in the context of what he said was "woke corporate culture".
Explore More Stories
- "Debanking scandal explodes with surge in complaints of people losing account access" - The Express
- "Business 'debanking' complaints nearly double in a year" - City AM
- "Debanking complaints surge from small businesses" - Proactive
- "Nigel Farage explains ‘alarming’ surge of debanking complaints: ‘Shows how deep woke culture has gone’" - GB News
- "Legitimate companies are being debanked amid surge in complaints" - The Telegraph
