Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

FCA chief warns severe consequences for lying about ‘debanking’

by December 13, 2023
December 13, 2023
FCA chief warns severe consequences for lying about ‘debanking’

Nikhi Rathi, the chief executive of the Financial Conduct Authority (FCA), has warned that banks will face severe consequences if they are found guilty of lying about cases of ‘debanking’, amid a series of high-profile cases in recent months.

Extreme action has been taken against a former chief executive of a large bank due to breaches of the integrity rules, following the fallout between Nigel Farage and Natwest earlier this year. If misinformation is intentionally given to customers, there will be serious consequences for the senior management involved, according to the FCA.

The primary reasons for account closures were due to inactivity or concerns related to financial crime. In that case, while four accounts at UK banks were closed for political reasons, a closer examination uncovered that three of these closures were attributed to inappropriate customer behaviour, specifically involving racist language, rather than being solely based on political opinions.

Nikhil Rathi cautioned the Treasury about “policy overload”, expressing concern over the government’s swift implementation of reforms in the financial services sector.

Wayne Johnson, CEO and co-founder, Encompass Corporation, commented: “As the attention and scrutiny around debanking continues, it remains critical that banks can ensure the fair and consistent treatment of customers – and are able to prove this – to avoid potentially significant consequences, as outlined by the regulator.

”This recent spotlight on debanking has highlighted the importance of implementing technology-driven processes, which allow banks to act based on verifiable facts, presented by live, authoritative publicly available data – and, crucially, evidence actions taken.

“Technology exists to establish a customer’s identity, providing real-time profiles, generated on demand, to validate and verify a company with full transparency. By leveraging this, banks can not only evidence compliance and protect their reputation with a robust, effective Know Your Customer (KYC) process, but also save time and maximise business efficiency across the board.”

Read more:
FCA chief warns severe consequences for lying about ‘debanking’

0
FacebookTwitterGoogle +Pinterest
previous post
Royal Mail ‘considering £430m swoop for Czech rival’
next post
Cop28 landmark deal agreed to ‘transition away’ from fossil fuels

You may also like

Ofgem cuts energy price cap but bills are...

February 27, 2023

Change the Race Ratio finalises plans for independence...

August 21, 2023

How to Get Started in Graphic Design

February 10, 2023

US tariffs threaten British consumers’ pockets, warn Bank...

March 5, 2025

Former Liverpool star Phil Thompson loses £300,000 IR35...

March 18, 2025

Thousands cancel Netflix or Prime Video as UK...

August 5, 2022

Raising trends and development of Mobility in the...

February 15, 2023

EU threatens to break up Google’s $200bn ad...

June 15, 2023

How Businesses Are Leveraging Technology to Meet Consumer...

March 18, 2025

Private school fees: Schools need to act now...

June 28, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved