Some of the now account-less groups are considering legal action against the bank, citing violations of the Equality Act 2010. Oxford’s Labour Club, OUSU’s CRAE, and others have signed a statement of solidarity with PalSoc. The statement reports that The Co-Operative Bank considered the account to be “high-risk”.
The statement of solidarity from Oxford Student Clubs, Societies and Associations.
The bank’s response suggested that they were concerned about the funnelling of money into a “high-risk” area that might “inadvertently fund illegal or other proscribed activities.” The Co-Operative Bank’s divestment to combat terrorism also targeted a scholarship fund (a registered charity) and tourism initiative.
The Co-operative Group itself naturally has a reputation for being a beacon of upstanding morality. Significant investments made by former senior bosses of the Bank were in cocaine, crystal meth, and rent-boys. Classy guys.
PalSoc and a signatory of the above statement have not replied to requests for comment.
VERSA wishes PalSoc the best of luck in sorting out its current situation. The hunt for an ethical bank continues…
Tags: banks — clubs — Oxford — Oxford University — palsoc