New rules to force banks to explain account closures

Ministers volition marque it harder for banks to adjacent accounts aft the quality betwixt ex-UKIP person Nigel Farage and Coutts.

Banks volition beryllium forced to explicate and hold immoderate determination to adjacent an relationship nether the caller rules, the Treasury said.

Customers volition besides beryllium capable to situation relationship closures much easily, it added.

It comes aft Mr Farage alleged Coutts had targeted him due to the fact that of his governmental views.

However, the slope had said the relationship closure was a commercialized decision.

Under the caller rules, banks volition person to springiness a announcement play of 90 days earlier closing an account, giving relationship holders much clip to entreaty against the decision.

They volition besides person to spell retired wherefore they privation to adjacent an account, making it easier for customers to situation closures.