Are we like sex-workers?

[Polchraine]

The FCA suggests that banks consider shooting business in the same category as sex workers.

https://www.telegraph.co.uk/news/2024/0 ... g-scandal/

[Tallguy]

Paywall protected. Can you cut and paste the text please?

[IlIHYPERIONIlI]

That's insane! Surely it can't be legal to close a legitimate business's bank account

[Polchraine]

Paywall protected. Can you cut and paste the text please?

Go to https://12ft.io/ - a legitimate site which provides a way to go over paywalls. Enter the URL and you should see it all.

[Pippin89]

We had the same problem when we started a new club last year. I didn't deal with it but at least one bank turned us down.

[MistAgain]

I believe the report was published last September .

This seems to be the bit that the paper writes about .

6.36 For example, since the announcement of our initial review, we have received submissions
from representatives of the gun trade and sports shooting, and adult entertainment
(including sex work). These highlight the challenges, for the members/affiliates of
business types or sectors that may divide wider opinion, of obtaining or maintaining a
payment account.

[genghis]

Absolutely we are. We both get f*** on a regular basis.

[Blackstuff]

We've been in that category for some time. I remember a consultation about 15 years ago with regard to TV and radio advertising standards being looked at and we fell into the same category as sex workers then as well (and AFAIK, we still do).

[Lever357]

I used to work for a high street bank and once had one of my business customers enquire if we would agree to finance for a - lap dancing club! The answer I received from the powers that be was a resounding NO!!! The reason - reputational risk. They assumed there would be objection to the club by members of the public and if it leaked out that it was financed by the bank, then it would lead to negative publicity. I think they possibly view providing banking services to gun-related clubs and businesses in the same light - if a member committed a shooting and for some reason, the press publicised the fact the club/shop banked with such and such high street bank then it could lead to adverse publicity.

[Pippin89]

I used to work for a high street bank and once had one of my business customers enquire if we would agree to finance for a - lap dancing club! The answer I received from the powers that be was a resounding NO!!! The reason - reputational risk. They assumed there would be objection to the club by members of the public and if it leaked out that it was financed by the bank, then it would lead to negative publicity. I think they possibly view providing banking services to gun-related clubs and businesses in the same light - if a member committed a shooting and for some reason, the press publicised the fact the club/shop banked with such and such high street bank then it could lead to adverse publicity.

I understand the reasoning, but not the logic. When was the last time you read a news story that said... "Mr Smith, who banks with Natwest, was arrested at 8am Sunday morning for....." It's just not something that comes up. Surely the worse side of the public perception is from those that it affects who only see banks not supporting small businesses and non-profit sporting clubs. At one of my clubs we are trying to get a card reader so we can start taking card payments. None of the providers will touch us as soon as we say who we are. Even the one that the NRA uses....