Liz Truss 'denied bank account for Conservative campaign'

Liz Truss criticized the existing PEP rules. it was alleged that she participated in her conservative leadership campaign due to her politically exposed person (PEP) status.

Sources close to the former prime minister confirmed that she was «unbanked» during the time of last year's contest, which eventually led to her raising £500,000.

Monzo is said to have declined the Truss campaign team's request to host his account, but refused to explain the reason for his decision, meaning the team has gone elsewhere. A source familiar with the bank told The Mail on Sunday that Ms Truss «was turned down because she was a politically exposed person.»

In line with payment account rules that were passed during UK membership of the European Union, banks should consider whether PEPs are more susceptible to bribery or corruption due to their position.

Banks must also apply enhanced due diligence. politically exposed persons to make sure they are not using their institution to launder money or obtain cash from illegal sources.

“We are politically neutral”

In an article for The Telegraph last month, Ms. PEP rules, stating that they «automatically expose elected representatives to additional suspicion» and risk discouraging people from going to parliament.

«Not being able to get a mortgage loan or open a new bank account… is unlikely to attract many new applicants to the ranks of potential future MPs,» she wrote.

Monzo, who was contacted for further comment, said in a statement: “Our goal is to make money work for everyone, which means we are politically neutral and personal opinions play no role in our politics or decision making, including eligibility for a Monzo account. Any other assumption is categorically untrue.”

The Financial Conduct Authority (FCA) has launched both a major investigation into the broader phenomenon of debanking and a separate review of its rules regarding how banks treat PEPs to consider whether they should be updated.

This came after Coutts' decision to close the bank account of Nigel Farage, the former leader of UKIP, citing his views «do not align with our values».