Business

Major banks have the right to monitor customers’ social media in privacy policies

It comes as the Telegraph can reveal that three extra banks are being scrutinised by the Treasury amid claims accounts have closed due to clients’ political beliefs.

The circumstances relate to Metro Bank, Yorkshire Building Society and American Express.

The specifics of the circumstances being checked out by officers usually are not identified. However, the political events Reform UK and the Brexit Party are each understood to have had difficulties with their accounts with Metro Bank. It lately emerged that Yorkshire Building Society closed the account of Reverend Richard Fothergill days after he wrote to the financial institution complaining about its messaging for Pride month. Richard Tice, the Reform UK chief, has additionally advised The Telegraph that his American Express account was suspended for a variety of weeks earlier this 12 months.

Watching social media

Natwest, which is 39 per cent owned by the taxpayer and is the father or mother firm of Coutts, didn’t reply questions on whether or not it recurrently appears to be like at clients’ social media.

However, in a 13-page privacy discover it mentioned it might collect “information that you make public on social media”, together with Facebook and Twitter. Coutts’ coverage is similar.

Lloyds Banking Group, which additionally owns Halifax and Bank of Scotland, ignored questions on the challenge, however admits in small print it might accumulate info from “published media and social networks”.

The banks don’t refer to this in the phrases and situations for account closures.

HSBC additionally refused to deny that it monitored clients’ social media. In its 28-page privacy discover, it admits it might monitor info “that relates to your social interactions, such as your communications via social media, between individuals, organisations, prospects”. The financial institution mentioned it could not touch upon inside processes.

Barclays admits that in some circumstances “we collect information about you, such as from your actions on our social media pages or through the social media”, when explaining what knowledge it holds.

Public info

When requested about the challenge, Nationwide mentioned it does “not actively or monitor social media profiles”, however on-line states that “in certain situations, we may use information that you’ve made public such as tweets or social media content too”.

Santander says it doesn’t monitor clients’ social media accounts, however that it’s going to examine publicly accessible knowledge sources.

Virgin Money mentioned that it does “not ordinarily examine people’s social media accounts to fulfil our regulatory obligations”, until that is relating to a grievance.

Metro Bank says it would “occasionally obtain [information] from publicly available sources, such as social media sites”.

Refinitv, which owns the World-Check Risk Intelligence database that’s utilized by banks to seek for regulatory pink flags on potential clients reminiscent of terrorism, crime or political publicity, additionally appears to be like at social media, however mentioned this was for biographical info quite than danger elements.

UK Finance, the banking business physique, has admitted that lenders might run checks on clients utilizing social media.

“Banks [are] allowed to monitor social media of their clients, well to the same degree as other people,” a supply mentioned final week. “They’ve also got more obligations to monitor their customer activity than many other businesses as they’re in the regulated sector.”

‘People will be horrified’

Mr Farage likened banks monitoring clients’ social media to Communist China.

“I don’t want to live in communist China, yet increasingly we are. The banks are out of control and need to be brought to heel. People will be horrified by this.”

Gareth Johnson, the MP for Dartford, mentioned it was disturbing that banks had given themselves the inexperienced gentle to monitor social media.

“This smacks of a big brother approach from the banks. I cannot see what anybody’s social media activities have to do with their bank. Too often the banking sector seems to have lost its way recently which should worry us all.”

NatWest mentioned: “It is not our policy to exit a customer on the basis of legally held political and personal views. Decisions to close an account are not taken lightly and involve a number of factors including commercial viability, reputational considerations, and legal and regulatory requirements.”

Barclays mentioned it complies with authorized and regulatory obligations and would solely withdraw providers “in exceptional circumstances”.

A Metro Bank spokesman mentioned: “It is not our policy to close or refuse an account due to the political or personal beliefs of an individual or organisation.”

A request for remark was submitted to spokesmen for Yorkshire Building Society and American Express.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button