Figures obtained under a Freedom of Information request made to the Financial Conduct Authority (FCA) by the newspaper showed that about 50,000 accounts were closed in 2016 – but 350,000 were shut down last year.

The MoS said the huge rise in account closures “would appear to confirm anecdotal evidence that lenders are increasingly adopting a ‘shoot first, ask questions later’ approach”.

What is ‘debanking’?

The ability for banks to close customers’ accounts quickly and without reason can be an important tool in the crackdown on fraud, especially when it comes to anti-money laundering rules.

But many people have claimed they have been ‘debanked’ due to the political views they hold. Earlier this month Coutts closed Nigel Farage’s account without giving the Brexit campaigner a reason.

Farage maintained the account closure was due to his political views and said he’d been rejected by other banks. But Natwest CEO Alison Rose was found to be the secret source behind a BBC story that alleged Farage was ditched by Coutts for not being wealthy enough. Rose stepped down from her role last week.

Debanking has been described as “the practice of withholding banking services to individuals, because of the views they hold”. The MoS’s sources claim some customers are being debanked simply because they hold cryptocurrency or gambling accounts.

Farage fights back

Farage has set up a website called Accountclosed.org to fight back against what he says is a “national scandal”. Visitors to the site are greeted with a message saying “A major scandal is emerging – banks are unfairly closing accounts, do you think it is time to stop this?”

Users who click “yes” enter the site and are asked to answer a series of questions about bank account closures before being asked for their email address for marketing communications.

The “About us” section on AccountClosed.org described the organisation as “a passionate and dedicated campaign group committed to advocating for the consumer rights of individuals and small and medium businesses who have faced unjust treatment from banks and financial services companies, particularly when their accounts have been abruptly closed and essential services withdrawn.”