Jacob Rees-Mogg will propose an amendment to the Digital Markets Bill that would ban banks from closing the accounts of people with controversial views.
The former business secretary has said that when a someone loses their bank account, they effectively become a non-person.
According to The Telegraph:
Jeremy Hunt, the Chancellor, has ordered an investigation by Andrew Griffith, the City minister, into overzealous lenders closing down accounts because they disagree with customers’ opinions.
The controversy flared up after Nigel Farage, the leading Brexiteer, revealed that his account had been closed by his bank.
A vicar was also dropped as a customer after criticising his lender’s stance on LBGTQ issues.
Sir Jacob told The Telegraph: “I would hope the Government will take up this amendment. This is where the Government wants to be; it is helping their policy.
“It is right for banks to block the accounts of individuals. The problem is they are doing this in far too many cases. On an individual basis it might be reasonable, but it keeps happening and makes you think banks have an agenda.
“Without a bank account you are a non-citizen because we don’t have protection of cash in this country.
“Many shops no longer take cash. If you don’t have a bank account you are a non-person. You would hope the Government is sympathetic to this amendment.”
The Digital Markets Bill aims to “stamp out unfair practices and promote competition in digital markets”.
His amendment defines discrimination in terms of breaches of an individual’s human rights. Banks would be required to provide customers with a written statement of their reasons within 30 days of their decision.
A customer would also have a right to damages for financial loss, emotional distress and physical inconvenience and discomfort if the bank acted in breach of its obligations.
The move came as banks faced an investigation by the Ministry of Defence (MoD) after closing the accounts of military contractors to the department.
The MoD launched the investigation after dozens of defence companies complained they were being denied banking services or charged higher rates because of the nature of their work.
Defence experts have blamed the growth of environmental, social and governance policies which encourage firms to invest “ethically”.
