Privacy policies of major UK banks permit social media account monitoring

UK banks have incorporated social media surveillance into their privacy policies, refusing verification on platforms like Facebook and Twitter. Former Ukip leader Nigel Farage alleged that private bank Coutts stopped accounts due to his beliefs, while Treasury controls three additional banks. Coutts’ parent firm, Natvest, does not reply to inquiries about its social media privacy, but its 13-page privacy notice indicates it may gather information from public social media sites. Lloyds Banking Group admits the issue but does not address it when discussing account closures.

Banks may monitor their clients’ social media profiles but do not actively monitor their accounts, according to UK Finance. Metro Bank occasionally acquires information from publicly available sources. However, Virgin Money does not review social media accounts for regulatory compliance. Banks utilise Refinitv’s World-Check Risk Intelligence database to hunt for regulatory red flags, and UK Finance admits that lenders may screen consumers using social media.

Dartford MP Gareth Johnson reached the banks’ intention to monitor social media to a big brother mentality. NatWest, Barclays, and Metro Bank have all said they have no policy of cancelling or refusing accounts based on political or personal convictions.

Why does it matter?

UK banks’ incorporation of social media surveillance into their privacy policies has raised concerns about potential impact on individuals’ privacy and financial access. Some banks acknowledge the use of social media for information gathering but do not actively monitor accounts. This issue highlights the delicate balance between regulatory compliance and respecting individuals’ rights. Critics argue that this approach could lead to potential discrimination. Transparency and clear guidelines are essential for fair treatment and privacy in the digital age.