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Ex-politician Nigel Farage accused his bank of refusing his business because of his political views. Frank 2012/Shutterstock

City watchdog finds no evidence for recent political ‘debanking’ – but private banks have been picky for centuries

Research shows banks – especially private banks – have always been concerned about their customers’ social status and respectability.
While ASIC Chairman Greg Medcraft this week warned the Australian funds management industry to clean up their act, in the UK, financial regulators will soon have the power to intervene directly in the market. AAP

ASIC lacks bite as UK regulators chew down on financial spruikers

In opening the Australian Securities and Investment Commission (ASIC) forum this week, chairman Greg Medcraft pulled no punches. “Manufacturers [i.e. banks and financial institutions] - and, frankly, this…

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