BRITAIN’S ONLY SHOOTING INDUSTRY PUBLICATION
ISSUE 98 FEBRUARY 2024
DIGITAL EDITION
DEBANKING SCANDAL SNOWBALLS
After GTN story, more than 40 cases now reported in the gun trade, FCA investigating
The scale of the debanking scandal is growing with more than 40 cases now reported to BASC, which will be submitted as evidence to the Financial Conduct Authority's (FCA) ongoing debanking enquiry. The cases involve most of the major banks including such well-known highstreet names as Barclays and HSBC, and typically feature incidents such as the RFD who has had his card services suspended by Square without warning and now has to trade using cash or bank transfer alone. Other victims report credit companies such as Klarna withdrawing services without warning, and—perhaps more seriously—bank accounts being suspended without warning or notice. The debanking appears to be indiscriminate across the sector, affecting dealers, shoots and gun clubs alike. BASC’s head of policy and campaigns
and GTN columnist Conor O’Gorman told us: “It’s vital that people come forward with their own stories so that we can make a proper case to the FCA.” In his column this month on page 26, he discusses the common difficulties faced by those affected. If anything like that has happened to you or your business, please get in touch with us or Conor. Simon West of the Gun Trade Asso-
ciation commented: ““Since I joined the GTA six years ago we have seen a steady stream of banking issues. However, thanks to Lin’s hard work and some very helpful operators in the finance world, we have been able to keep businesses connected with banking, card services and credit providers. It’s great to have the FCA’s attention now in parallel with my ongoing discussions with the banks.”
SHOW US THE MONEY After a slightly downbeat Shot Show, trade heads off to NEC and Nürnberg The next month will tell us a great deal about the confidence of the UK Gun Trade. Amid a background of failing businesses in all sectors, eyes will be keenly focussed on who is making a strong showing, and who looks a little weak this year as two of the key events on the gun trade’s calendar take place. The British Shooting Show is back on 23-25 February at the NEC, with IWA following just a weekend after. This year The British Shooting Show is promising a bumper range of exhibitors and retailers, plus the welcome return of last year’s free parking deal. IWA will be celebrating its 50th anniversary, a preview is available inside.
TELL US YOUR STORY Here are some of the experiences we have already heard about: • Barclays closed the accounts of two clay shooting grounds and has been threatening to close the accounts of a number of shooting and fishing clubs • Cashplus froze the account of company manufacturing rifle bullets • Clover refused to open an account for a firearms dealer • Handelsbanken refused to open an account for a gunmaker • Klarna closed the accounts of three target shooting suppliers citing a change in policy • Lloyds refused an account application by a gun store owner citing firearms link • Metro refused an account application by a shooting estate citing a ‘lack of appetite’ • Monzo refused an account application for a shooting-related business • Natwest froze the account of a gunmaker with no explanation given • Paycraft refused to open an account by a shooting-related business • RBS stopped a payment for an overseas deer stalking trip stating this was an illegal activity • Santander threatened to close a gunsmith’s bank account • Stripe closed the account of a shooting accessories store • Sum-Up closed the account of RFD without explanation • Starling has refused applications by shooting-related businesses, in one case citing policy on ‘weapons’ manufacturing • Square closed the account of a firearms dealer citing a ‘firearms’ link as the reason
INSIDE THIS ISSUE…
WHAT HAPPENED THERE?
DIGGORY DOES DALLAS
WHITTLESEY GUN SHOP
Making sense of 2023 with Karl Waktare
A round-up from the Dallas Safari Club with Diggory Hadoke
Alex Sayer lifts the veil on one of the fenland’s best destinations
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