Ministers are considering putting extra conditions on banking licences after a row over the closure of Brexiteer Nigel Farage’s account at Coutts.
It follows reports that lenders could lose their permits if they cut ties with customers because they disagree with their political views.
Mr Farage has accused Coutts of lying about its decision, saying he was “cancelled” by the bank.
Coutts says decisions to close an account “are not taken lightly”.
Government sources told the BBC that the possibility of putting conditions on banking permits was being explored, although no decision had been made.
Banks would also be required to explain why an account is being shut, and give a longer notice period, under tougher rules to be brought in.
According to the Times newspaper, licences could be stripped in order to protect customers’ right to free speech.
On Wednesday, Prime Minister Rishi Sunak tweeted that shutting someone’s over their views was “wrong”, calling free speech the “cornerstone of our democracy”.
Meanwhile, Home Secretary Suella Braverman said elsewhere that the Coutts row “exposes the sinister nature of much of the diversity, equity and inclusion industry”.
The BBC had previously reported Mr Farage had fallen below the financial threshold needed for an account at Coutts, a bank for the wealthy, citing a source familiar with the move.
But speaking on Radio 4 on Wednesday, the former UK Independence Party leader said the broadcaster had fallen for “spin” and restated that he had been targeted for his political views.
It comes after Mr Farage on Tuesday shared a report from the bank’s reputational risk committee, obtained under a Freedom of Information request, which states that the Brexiteer’s views did not “align with our values”.
Mr Farage said that the 40 page document, which has since been published in the Mail, mentioned Brexit and his alleged links to Russia.
“Apparently, I’m a risk to them. I have virtually no links of any kind to Russia whatsoever. This is political. There is no other way of looking at it,” he said.
