There are ominous overtones of Big Brother banking in the comparison between what happened to right-wing politician Nigel Farage in the U.K. and the freezing of bank accounts of convoy protesters in this country last year.
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Farage, who pushed for the Brexit referendum that saw Britain leave the European Union, recently had his bank account closed by Coutts, a prestigious British bank used by the late Queen Elizabeth. Now a media commentator, Farage is outspoken on issues such as immigration. Coutts at first denied they’d closed his accounts because of his opinions. It was only after Farage produced internal bank documents showing he was correct that they backed down.
The incident has caused outrage in the U.K., with loyal customers threatening to close accounts with Coutts’ parent company, NatWest.
The BBC was forced to apologize to Farage over the initial story that suggested he didn’t have enough money in the bank. Coutts has also been forced to apologize. Who wants to bank with a company that leaks your private financial information?
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Rewind to January 2022 when downtown Ottawa and some international bridges were paralyzed by protesters.
When the Emergencies Act was invoked, it allowed not only bank accounts to be frozen without a court order, but enabled federal and provincial governments to share information with financial institutions about individuals or entities funding the protests or blockades. That information could also be shared with the RCMP.
At the inquiry into the use of the Emergencies Act last year, Finance Canada officials admitted some families had suffered hardships as a result of these extreme measures. One official said approximately 280 accounts were frozen, with most of them targeted by the RCMP. Some convoy organizers testified their spouses were cut off from their money and couldn’t buy groceries or make car payments.
Yet complacent Canadians yawn and see nothing wrong with state intrusion into their private finances. Hundreds of accounts were compromised and we nod and let it happen. Yes, the convoy was a terrible inconvenience to the people of Ottawa. It was also a massive failure of policing. If Ottawa cops had been doing their jobs, it would never have happened.
How does one’s political views make any difference to your bank? It shouldn’t. Your private banking information should be just that — private.
