Jeremy Hunt discusses tackling problems with inflation
Jeremy Hunt is the most senior politician to have been denied a bank account under the over-zealous application of money laundering rules.
The Chancellor was turned down for an account by online bank Monzo before he entered the Treasury.
Mr Hunt joked to colleagues about being rejected but it is understood that he does not know if it was because he is classed as a “politically exposed person” (PEP).
A number of MPs, peers and political figures, including Nigel Farage, have revealed in recent weeks that they have had problems with banks refusing to grant them accounts or stripping them of existing cards.
Former Chancellor Lord Clarke of Nottingham had his credit cards cancelled by American Express.
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He said banks are making demands for significant documentation and information even with long-standing customers.
The peer said: “I decided that I could not be bothered with such outrageous burdens being placed on me. Having had my card from some time in the 1970s, I have allowed them to cancel it.”
Lord McFall of Alcluith, the Lord Speaker, wrote to the Financial Conduct Authority, a year ago, warning about the impact rules, drawn up to prevent corruption, were having on politicians.
An FCA spokesman said: “Over the past 18 months, we have reminded banks of the need to be proportionate. Some have improved their processes as a result, and they all now have a direct point of contact for people to report issues.”
“We have reminded banks to be proportionate. Some have improved their processes as a result.”
A Monzo spokesman said: “We don’t comment on anyone’s application for a Monzo product or eligibility decisions.”
An American Express spokesman said: “We continuously review our approach in line with the applicable guidance to remove any unnecessary requests of our card members while ensuring we continue to meet our obligations.”
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