A right to a Bank Account?

Life without a bank account would be exceptionally difficult in modern society but is there a right to have a bank account? 

That question has come to the fore because of events involving politician and broadcaster Nigel Farage, Coutts Bank, and Natwest Bank. There is no need here to rehearse those particular events except to note that Mr Farage said that he would be campaigning for a right to have a bank account.

In 2014 when the European Union issued a Directive (here) requiring Member States

to 'ensure that payment accounts with basic features are offered to consumers ..' and the UK brought this into domestic law by the Payment Accounts Regulations 2015 (and explanatory memorandum).

Subsequently, the UK left the EU but the 2015 Regulations were retained and amended by the Payment Accounts (Amendment) (EU Exit) Regulations 2019 (and explanatory memorandum).

To this, somewhat limited extent, there is a legal right to a bank account..

The government states - (see Basic bank accounts - GOV.UK (www.gov.uk) - that nine largest personal current account (PCA) providers are legally required to offer basic bank accounts that are fee-free for standard operations.

The nine institutions are: Barclays UK, the Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland brands), Nationwide Building Society, NatWest Group (including Royal Bank of Scotland and Ulster Bank brands), Santander UK, TSB and Virgin Money.

What are the UK rules on access to banking and how are disputes settled? | Banks and building societies | The Guardian 19 July 2023

A cashless society?

No political party in the UK has obtained an electoral mandate to withdraw cash. Yet, fears of a 'cashless society' are growing - Warning millions would struggle if cash phased out - BBC News.

Questions surrounding banking in general including closure of (most) bank branches, the rights of account holders, and the whole question of cash are moving up the political agenda. With a general election due within about 12 months, political parties will doubtless be taking note.

Links:

Payment Accounts Regulations 2015 (PARs) | FCA

Law and Lawyers: Data Subjects ~ Access to Data (obiterj.blogspot.com)

Law and Lawyers: Mr Farage, PEPs and Banking Due Diligence (obiterj.blogspot.com)

Payment account contract termination and freedom of expression - GOV.UK (www.gov.uk)