Campaigners have slammed banks for 'waging' war on Britain's adult industry by closing and freezing the accounts of sex workers and escorts.
The issue of bank account closures was thrust into the public eye when Nigel Farage had his account with private bank Coutts closed last year. Pictured: Farage speaking outside the 'National Conservatism' conference in Brussels, Belgium, on Tuesday READ MORE Farage weighs up mass legal fight against banks as 3,000 tell him: They closed our accounts too Advertisement The mother claims her accounts have been frozen, closed or denied 15 times, as when she tells them she works in the sex industry 'it just won't let me carry on'.
The Sex Workers Union and Decrim Now, a campaign group which calls for the full decriminalisation of sex work in Britain, say that more than 80 per cent of members have fallen victim to similar scenarios. Banks say they have a responsibility to monitor and stop financial crimes, including sex trafficking, but one expert claims that these actions can sometimes increase the chances of sex workers coming to harm.
This could drive them into using third parties, such as a partner or pimp, to hold onto their money for them which increasing their chances of being exploited, or force them to online platforms such as OnlyFans which take a cut of their earnings, she said. The Financial Conduct Authority, which regulates Britain's banking industry, has launched a review of how lenders are closing accounts.
A review into his specific case found Farage was not the victim of political discrimination and the decision making was appropriate and consistent with industry standards.