The one-time UKIP leader hits out at the FCA's findings following an investigation into the so-called de-banking row that cost the chief executive of NatWest her job.
As was stated by many at the time. The banks cannot state it openly because of litigation, but that does not mean they cannot recognise the potential cost it presents.
The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance.
It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk.
As was stated by many at the time. The banks cannot state it openly because of litigation, but that does not mean they cannot recognise the potential cost it presents.
The costs are high. Finance regulations force the banks to investigate high-profile clients for any conflicts of interest or reasons where a bank may be facilitating something illegal or sanctioned. It is literally illegal for the bank not to perform these checks. They can’t just put on blinkers and claim ignorance.
It would be at least negligent to shareholders, and possibly outright illegal, not to act on that information if there were significant risk.