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The heads of Britain’s biggest banks have committed to the principle of “non-discrimination based on lawful freedom of expression”, following a meeting with the financial services minister Andrew Griffith.
The news comes in the wake of Coutts’s politically motivated de-banking of former UKIP leader Nigel Farage, an incident that captured the media’s attention and has shone a spotlight on the growing problem of politically motivated financial censorship in western liberal democracies.
In a statement issued on Wednesday, Mr Griffith said that the bank bosses had committed to bring their policies into line with planned government reforms as soon as possible.
The reforms in question relate specifically to the UK Payment Services Regulations (i.e., the regulatory framework applied to over 1,000 banks and payment processors licensed to operate in the UK).
The news comes in the wake of Coutts’s politically motivated de-banking of former UKIP leader Nigel Farage, an incident that captured the media’s attention and has shone a spotlight on the growing problem of politically motivated financial censorship in western liberal democracies.
In a statement issued on Wednesday, Mr Griffith said that the bank bosses had committed to bring their policies into line with planned government reforms as soon as possible.
The reforms in question relate specifically to the UK Payment Services Regulations (i.e., the regulatory framework applied to over 1,000 banks and payment processors licensed to operate in the UK).
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// The government has not at this stage provided much detail on what it plans to change //
Thought so.
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Thought so.
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Khandro, the passing of any law relating to this is some way off.
From your own OP ‘….. the bank bosses had committed to bring their policies into line with planned government reforms as soon as possible’. Actually, Reuters are saying they’ve ‘committed to the principle’ of the proposals which is even more vague. I can see much obfuscation and general deliberate incompetence being used to delay any implementation. And that’s before any law is passed.
From your own OP ‘….. the bank bosses had committed to bring their policies into line with planned government reforms as soon as possible’. Actually, Reuters are saying they’ve ‘committed to the principle’ of the proposals which is even more vague. I can see much obfuscation and general deliberate incompetence being used to delay any implementation. And that’s before any law is passed.
//a manufactured controversy designed to make the government look good.//
Haha, only a communist would think what the Banks are doing is great. Totalitarianism at its best, just being done via a Bank rather than a Government.
Gromit, would you rather a law was rushed in? The problem with knee jerk reacting laws is that actions always have unintended consequences, indeed it was the PEP regulations that have been used to justify this curtailment of free speech,.
Haha, only a communist would think what the Banks are doing is great. Totalitarianism at its best, just being done via a Bank rather than a Government.
Gromit, would you rather a law was rushed in? The problem with knee jerk reacting laws is that actions always have unintended consequences, indeed it was the PEP regulations that have been used to justify this curtailment of free speech,.
How many more times. Farage was not PEP.
I object to how this is being presented as a ‘success’.
The banks and the Government have had a little chat and decided they must be seen to be doing something. But the Government have not published their reforms, and the banks have no option to follow the regulations when they do. So nothing will happen or change immediately, it will be many months before the new regs are brought in , so no one has to agree to a bank account for Farage (or anyone else), until then.
It is the Governments job to regulate the banks. We seem to be applauding them for just doing what they are supposed to.
I object to how this is being presented as a ‘success’.
The banks and the Government have had a little chat and decided they must be seen to be doing something. But the Government have not published their reforms, and the banks have no option to follow the regulations when they do. So nothing will happen or change immediately, it will be many months before the new regs are brought in , so no one has to agree to a bank account for Farage (or anyone else), until then.
It is the Governments job to regulate the banks. We seem to be applauding them for just doing what they are supposed to.
Gromit; //I object to how this is being presented as a ‘success’.//
The 'success' is in that the law is going to change, entirely brought about by the protestations of Nigel Farage, & how we all now know just what has been going on in private, the CEO of Coutts has admitted as such, & has been forced to resign for doing so.
That seems to me to be huge success, & N.F. is deserving of credit for it.
The 'success' is in that the law is going to change, entirely brought about by the protestations of Nigel Farage, & how we all now know just what has been going on in private, the CEO of Coutts has admitted as such, & has been forced to resign for doing so.
That seems to me to be huge success, & N.F. is deserving of credit for it.
The disgusting part about this, is that the bank have to 'sign up' to say they are going what they should be doing as a matter of course -
Looking after customers' money and keeping their noses out of the customers' personal attitudes and behaviours.
My bank is a service, it looks after my money, and I pay it to do so.
I do not require it to like me, or how I think, or what i do - just handle my money, anything else is not your business.
Looking after customers' money and keeping their noses out of the customers' personal attitudes and behaviours.
My bank is a service, it looks after my money, and I pay it to do so.
I do not require it to like me, or how I think, or what i do - just handle my money, anything else is not your business.
A fool and his money are soon parted:-
//My bank is a service, it looks after my money, and I pay it to do so.//
My banks provide a service to me, they look after my money, and they pay me interest on the money of mine they have on deposit.
Which bank do you bank with so that I can make sure I don’t pay them any of my money?
//My bank is a service, it looks after my money, and I pay it to do so.//
My banks provide a service to me, they look after my money, and they pay me interest on the money of mine they have on deposit.
Which bank do you bank with so that I can make sure I don’t pay them any of my money?
My bank is a service, it looks after my money, and I pay it to do so.
these are all facts I was astounded to learn the other day. I wd put them as pious hopes ( esp looking after the money, and 2008) but hell it is a fact if Andy says it is.
with the Nige, yeah I was taken in by MLR and PEP - it has been a bad week for me- I didnt think a Bank wd lie ( after its not the prime minister haw haw haw)
it is a bit like Lord Dawson saying in 1936 the King was dead, when he wasnt. real " 'durr', they are not meant to say things like that are they?"
these are all facts I was astounded to learn the other day. I wd put them as pious hopes ( esp looking after the money, and 2008) but hell it is a fact if Andy says it is.
with the Nige, yeah I was taken in by MLR and PEP - it has been a bad week for me- I didnt think a Bank wd lie ( after its not the prime minister haw haw haw)
it is a bit like Lord Dawson saying in 1936 the King was dead, when he wasnt. real " 'durr', they are not meant to say things like that are they?"
Hymie - //
A fool and his money are soon parted:-
//My bank is a service, it looks after my money, and I pay it to do so.//
My banks provide a service to me, they look after my money, and they pay me interest on the money of mine they have on deposit.
Which bank do you bank with so that I can make sure I don’t pay them any of my money? //
My apologies - I got a bit carried away with my outrage!
I meant to say that my bank is a service, and it pays me for its service - apologies for any confusion.
A fool and his money are soon parted:-
//My bank is a service, it looks after my money, and I pay it to do so.//
My banks provide a service to me, they look after my money, and they pay me interest on the money of mine they have on deposit.
Which bank do you bank with so that I can make sure I don’t pay them any of my money? //
My apologies - I got a bit carried away with my outrage!
I meant to say that my bank is a service, and it pays me for its service - apologies for any confusion.
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