Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
THE Financial Conduct Authority (FCA) is under fire from MPs who have raised 'serious questions' about its recent review of the debanking scandal, calling it a 'whitewash', reported the Telegraph.
The FCA on Tuesday (19) said that there is no evidence so far that Britain's banks have been closing accounts because of people's political views, though more detailed scrutiny is needed.
British finance minister Jeremy Hunt last month asked the FCA to urgently investigate terminations of bank accounts and suggested that lenders who have broken the law should be fined.
The practice, known as 'debanking' became a political issue after former Brexit Party leader Nigel Farage said his account at private bank Coutts, part of NatWest, had been closed due to his political views.
The FCA said that it looked at data from 34 banks and building societies, focusing on July 2022 to June 2023, but the speed of its inquiries meant there were some gaps, limitations and inconsistencies to information provided.
The watchdog's failure to include Nigel Farage's case at Coutts, where his account was threatened with closure due to his beliefs, has triggered controversy.
FCA officials defended their decision not to investigate Farage's case, stating that it was a 'high-profile example' being handled separately by the bank involved and that it fell outside the reporting period.
This explanation did not appease critics, who accused the FCA of conducting a superficial review.
Farage himself denounced the review as 'a whitewash and an absolute farce' and called for a complete overhaul of the FCA's leadership.
Tory MP Danny Kruger echoed these sentiments, asserting that the FCA had merely asked banks if they were guilty without actively seeking input from potential victims. He also called for a closer examination of the FCA itself.
The FCA's review did identify eight cases where the 'expression of political or any other opinions' was suspected as a reason for account closures. However, the watchdog concluded that this was not the primary reason in any of these cases. Instead, customer behaviour, including the use of racist language against staff, was the predominant factor leading to debanking.
Criticism also stemmed from the quality of the data collected during the review. The FCA admitted that some of the data supplied by institutions was unverified, and it acknowledged that as many as 20 per cent of account suspensions and closures were attributed to "Other," leaving the watchdog uncertain about the reasons behind these actions.
Nikhil Rathi, chief executive of the FCA, told the Telegraph that while no financial institution reported closing accounts primarily due to political views, further verification of bank-submitted data was necessary.
City minister Andrew Griffith acknowledged the FCA's report and emphasised the need for more robust validation of banks' submissions and a thorough follow-up on debanked customer perspectives.
While the FCA review found no evidence of political debanking, it did find that UK expats were facing the most at risk of having their accounts shut or suspended.
Separately, the FCA is reviewing how banks conduct mandatory extra checks on 'politically exposed' customers and their families for money laundering risks, with a report due by the end of June 2024.
TikTok is to lay off hundreds of employees from its London office, with the bulk of the cuts affecting content moderation and security teams, according to reports estimating over 400 job losses by the Communication Workers Union. Online safety campaigners, along with TUC and CWU leaders, have urged Chair Chi Onwurah MP to investigate the impact of TikTok’s actions on UK online safety and workers’ rights.
The strategic shift is part of a broader reorganisation of TikTok's global trust and safety operations, aiming to streamline processes and concentrate operations in fewer locations worldwide. The move has prompted significant criticism from safety advocates and politicians, raising concerns about the platform's commitment to child protection and online safety.
Safety roles cut
People working in the trust and safety team are most likely to lose their jobs as part of a global restructuring that prioritises AI- assisted moderation over human oversight. TikTok is moving UK content moderation roles to Europe as it rely on AI, putting hundreds of jobs at risk despite rising regulatory pressure under the Online Safety Act.
The timing is particularly controversial given recent revelations about platform safety failures. Report from Global Witness, a not-for-profit organisation have accused TikTok of "sacrificing online safety" through these AI-driven cuts, with investigations revealing that the algorithm has directed minors toward explicit content a serious breach of child protection standards.
The Communication Workers Union and online safety professionals have urged UK MPs to investigate the restructuring, warning that job losses could expose children to harmful material. The cuts represent a fundamental shift in TikTok's operational philosophy, prioritizing cost efficiency over comprehensive content review.
TikTok's restructuring putting several hundred jobs at risk marks a significant move as it shifts to AI-assisted content moderation. While the platform claims the changes will improve efficiency, the decision has sparked debate about whether algorithmic moderation adequately protects vulnerable users. As regulators scrutinise social media platforms increasingly, TikTok's focus on automation rather than human expertise may face mounting political and regulatory challenges in the UK and beyond.
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