Do we want our banks making moral judgement about their customers and refusing to serve those they decide don't measure up? National Australia Bank-owned Bank of New Zealand, and apparently every other bank in the country, think they do have a right to make such judgements.
Thanks for your comment. If you think banking services are in the nature of a utility and an essential service in today's world, then no, banks should have no role. They are not law enforcers. We wouldn't allow electricity or phone companies to cut people off on the grounds they have committed breaches of the law.
Very interesting article. The difference between the Farage/Coutts Bank and the Gloriavale is that the Farage decision was based on political views whereas the Gloriavale issues are based on the law. Gloriavale appears in breach of various employment laws. It poses the question whether banks must continue to provide services to lawbreaking businesses.
Thanks for your comment. If you think banking services are in the nature of a utility and an essential service in today's world, then no, banks should have no role. They are not law enforcers. We wouldn't allow electricity or phone companies to cut people off on the grounds they have committed breaches of the law.
Thanks
It is a contested area. The US Supreme Court seemingly gave businesses the right to turn away customers on ideological grounds: https://www.nytimes.com/2018/06/04/us/politics/supreme-court-sides-with-baker-who-turned-away-gay-couple.html However, baking is not essential service, and the legal grounds were based on the prejudiced regulator.
Very interesting article. The difference between the Farage/Coutts Bank and the Gloriavale is that the Farage decision was based on political views whereas the Gloriavale issues are based on the law. Gloriavale appears in breach of various employment laws. It poses the question whether banks must continue to provide services to lawbreaking businesses.
Excellent article thank you Jenny, it is a complicated issue but your thinking on it is insightful and perceptive.