Andrew Griffith, the Economic Secretary to the Treasury, has called on the Financial Conduct Authority (FCA) to speed up an investigation into how banks are applying the rules.
The Government also plans to scrap EU-era rules which mean British politicians have to be treated as the same money laundering risk as foreigners.
It comes after he revealed how he was turned down by one bank for a business loan last year because of the reputational risk given his leadership of Reform UK.
Last April, Mr Tice had applied to Swiss Re for a loan for his business Quidnet REIT.
Internal bank documents he obtained by a subject access request show that he was rejected for the loan on the grounds of being a “reputational risk”.
They said: “Quidnet CEO is Richard Tice, a former member of the European Parliament for the East of England. He is currently leader of Reform UK.”
FCA opens investigation
Nigel Farage, Mr Tice’s Reform UK predecessor, lifted the lid on the behaviour of banks when he revealed that Coutts had cancelled his account because of his political views.
The FCA has opened an investigation into account closures on the back of the revelations, with ministers pledging to tighten up the rules if necessary.
Downing Street is even considering threatening banks with having their licences stripped if they debank people based on their opinions.
