Nigel Farage issues rallying cry as banks close million accounts in just four years

Responding to The Mail on Sunday's report about one million closures, Farage said: "The Mail on Sunday reports 1 million bank accounts have been closed in the last four years.

"Visit www.accountclosed.org if this has happened to you."

A Freedom of Information request showed banks are on track to surpass the previous record of 343,500 accounts closed last year.

Banks can shut accounts with a notice of just 14 days.

They must suspect the account holder is using the account to launder money.

However, shutting down accounts would leave innocent customers financially isolated.

Rishi Sunak's Government plans to introduce new rules.

New measures will enable customers to have up to 90 days to challenge closures.

Banks will also need to explain why accounts have been closed.

James Daley, founder of campaign group Fairer Finance, told The Mail on Sunday: "I think the legislation should go further and limit banks to closing accounts only when there is clear evidence of criminal activity."

Approximately 200,000 bank accounts have been closed this year so far.

The figure stood at just under 50,000 in 2016.

A majority of bank accounts are closed for reasons related to financial crime.

However, Chancellor Jeremy Hunt last week called on the Financial Conduct Authority to investigate the scale of closures because of customers’ political views.

Hunt, who revealed he was refused a Monzo account, said: "The reason I’m worried is because free speech is a fundamental right."