Analysis

Could the debanking scandal cross over into insurance?

By 2023-09-11T06:00:00

free speech censorship

The FCA said that it ’would not consider it appropriate to cancel a policy purely on the basis of a policyholder’s views’

The scandal around the decision by a leading bank to close the accounts of former UK Independence Party (UKIP) leader Nigel Farage has created a freedom of speech storm that threatens to spread from banking to the wider financial services sector.

It has raised an important question over the issue of whether financial companies should refuse to deal with individuals or companies due to their political views or personal beliefs, with the issue shooting to the top of the UK financial regulator’s agenda.

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