£850 million wiped off the flat lining share price of NatWest. Probably data breach enforcement from the information commissioner, fines that could run into hundred of millions.
Economic secretary hauled the banks into a meeting
Economic secretary Andrew Griffith told the bosses of some of the UK’s biggest banks on Wednesday that it is important to protect freedom of expression.
Mr Griffith added: “I hope the whole financial sector learns from this incident. Its role is to serve customers well and fairly – not to tell them how or what to think.”
Speaking to reporters after the meeting, he said: “It is absolutely important, the Government has been crystal clear throughout, that no one should be de-banked because of their political opinions or something within the law that they have said.”
The Treasury said the bank bosses at the meeting had committed to “the principle of non-discrimination based on lawful freedom of expression.”
They also said they would bring their policies in line with the Government’s planned reforms as soon as possible.
The new rules will mean banks have to give 90 days’ notice before closing an account and spell out the reasons for shutting it down. Banks can avoid giving reasons if doing so would interfere in a criminal investigation.
How a bank would do this without alerting a customer to an ongoing criminal investigation was not explained.
The meeting was attended by Barclays UK chief executive Matt Hammerstein, HSBC UK boss Ian Stuart, Philip Robinson, a managing director at Lloyds, Nationwide boss Debbie Crosbie, NatWest retail banking head David Lindberg, Santander UK boss Mike Regnier, Sheldon Mills from the Financial Conduct Authority and James Babbage from the National Crime Agency.
