GB News: Vince Cable on debanking scandal
Liz Truss, Britain’s shortest-serving Prime Minister, was turned down for a bank account from Monzo during the Tory Party leadership contest she eventually won because she was judged to be a politically exposed person (PEP), insiders have claimed.
Sources close to Ms Truss say she was “de-banked” during last summer’s contest, during which she raised £500,000.
Monzo has also been accused over refusing a request from the Truss campaign team to host its account while refusing to provide a reason, prompting them to go elsewhere.
EU-era regultions related to payment accounts require banks to consider whether PEPs are more susceptible to bribery or corruption as a resolve of the positions which they hold.
They must also apply enhanced due diligence to PEPS to make sure they do not use their institution for money-laundering purposes.
One insider familiar with the bank told The Mail on Sunday that Ms Truss “was turned down because she was a PEP”.
Ms Truss criticised the rules last month in an article written for The Telegraph last month, arguing they make “elected representatives automatically subject to added suspicion”.
She added: “Not being able to get a mortgage or open a new bank account is hardly going to draw many new aspiring candidates into the pool of potential future MPs.”
A statement issued by Monzo said: “Our ambition is to make money work for everyone, which means that we’re politically neutral and personal views play no part in our policies or decision making, including eligibility for a Monzo account.
Any suggestion otherwise is categorically untrue.”
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