The political row about whether banks are overstepping the mark over their treatment of "politically exposed persons" continues. Lawmakers and regulators are examining the issue.

As controversy continues about how high-profile figures from the worlds of politics and the media have had bank accounts closed or made more difficult to open, it turns out that current UK Chancellor Jeremy Hunt was denied the ability to open an account in 2022, media reports said. (Hunt was made Chancellor on 14 October). He has previously held posts including those of foreign secretary and health minister.

Last year, online bank Monzo refused to open an account for the finance minister, Hunt was quoted by the Financial Times and others as saying. He thinks the scrutiny that those in public life must go through is becoming unduly heavy.

A week ago, former UKIP leader Nigel Farage, who is now a broadcaster on GB News, said an account at a “very prestigious bank” – which some consider to have been Coutts – was closed down.

Reasons given vary: one report from the BBC said the account was closed because Farage fell below a minimum threshold. Farage has mused that he may have fallen foul of his status as a politically exposed person. This news service has written on the matter.

In another case, former Spectator editor and regular columnist, Dominic Lawson, said he was initially told several years ago (2016) by Barclays that his request to open an account for his adult daughter had been turned down because his father, former Chancellor Nigel Lawson, was at the time a member of the House of Lords. (Lord Lawson, who died this year, was a noted advocate of Brexit, a prominent “Thatcherite” reformer, and sceptic about the alarmist arguments on global climate change.) Lawson did later open a Barclays account after what he called was a laborious process.

That a serving member of the Cabinet has divulged that he had a problem gives further edge to the matter.

The FT report said that Hunt has backed a prioritised review by the Financial Conduct Authority into the “politically exposed persons” regime. 

“We want to encourage people to go into public life. If the price of going into public life is that you find it really hard to set up a bank account, then we need to make sure that we remove barriers where we can. I think that’s why I was declined by Monzo for an account last year,” he was quoted by the FT as saying.

In the Farage case, he told the FT that nine other banks had subsequently turned down his requests to open an account.

The FT quoted Monzo saying on Sunday that it did not comment on a person’s application for an account or eligibility decisions.