Open and shut cases

Linda Hall

THE Financial Conduct Authority (FCA) has written to more than 20 UK banks, asking how many customer accounts they had recently closed, suspended or denied.

They were also asked to explain why they had withdrawn their services and were given until August 25 to respond. An FCA report is expected by mid­September.

Earlier, Chancellor Jeremy Hunt had called on the FCA to step up its investigation into lenders’ large­scale “debanking” of clients for what he said were their “lawfully held political beliefs.”

Lenders will also be obliged to reveal how many complaints they have received from vetoed customers.

Although the practice is by no means new, it aroused public interest and outrage after Coutts debanked UK leader Nigel

SPAIN’S Ministry of Consumer Affairs announced fines for several airlines not providing a free­phone service for clients.

Even when this did exist, the unnamed airlines “put obstacles” in users’ way, the Ministry explained.

“This means they are not complying with their legal obligations to clients,” a Ministry statement said.

Regulations specify that an airlines' telephone should be accessible to all consumers and not linked to a special tariff or a certain area. It should be free and prefixed by 800 or 900, known technically as “automatic reversed charge.”

As air transport is a “basic service of interest”, companies were obliged to

Private talks

ACCORDING to reports in the Spanish media at the beginning of June, Elon Musk was in talks with the Valencia’s regional government to build a €4.5 billion gigafactory.

Sources close to the deal to manufacture batteries for electric vehicles explained that Tesla owner and chairman Elon Musk was allegedly “infuriated” after what he supposed was a “confidential negotiation” should have attracted so much media attention.

Two months later, the deal seems to be on once more and speeding up the compulsory purchase of land in Cheste (Valencia Province).

Britishvolt complications

showed that he had not met the bank’s “commercial criteria” for some time.

This requires customers to hold €1.16 million in investments or loans or savings of €3.48 million but the decision to close his accounts was also based on disquiet that Farage’s “views” endangered Coutts’ reputation.

RECHARGE INDUSTRIES, the Australian company which rescued Britishvolt in February, failed to make the final payment on April 5. Although Britishvolt, based in Blyth (Northumberland), was worth £800 million (€926.18 million) before its collapse, Recharge Industries bought the business and its assets for £8.57 million (€9.92 million) in February.

Farage. The ensuing scandal prompted the resignation of Dame Alison Rose, chief executive of NatWest to which Coutts now belongs.

Farage, who has now launched a website to assist other people ousted by their banks, obtained Coutts documents which

The FCA said that closer monitoring by banks could be partly responsible for the recent increase in shutdowns. It is also suggested that banks have become too cautious and dependent on AI when investigating and flagging fraudulent behaviour.