Private bank Coutts declined to comment on why the accounts were closed.
(Photo: Reuters)
London Politically, Nigel Farage no longer plays a role in the UK. Still, the former Brexiteer has managed to influence the City of London’s parliament, government and financial district. The focus is on the contentious issue of whether and when banks can close the accounts of undesirable customers for reputational reasons, and when to limit free speech.
Coutts, a private bank that only caters to millionaires and members of the royal family, recently terminated the 59-year-old ex-politician’s bank account. Farage was furious, suspecting that the bankers wanted to get rid of him for political reasons. However, initially the British press reported that the assets of the political right had fallen below the million mark – a purely business decision.
Now, however, Farage has produced internal bank documents to support his suspicions: A filing with the reputation committee of the National Westminster subsidiary classifies him as “dishonest” with “xenophobic, chauvinistic and racist views”. fraudsters”.
His stance on Brexit, alleged links to Russia and his friendship with former US President Donald Trump have all been cited as evidence. The report reads: “Given Nigel Farage’s publicly expressed views, the committee finds it inconsistent with Coutts to continue banking (Nigel Farage’s) The positions are inconsistent.”
Coutts declined to comment on the reasons for the termination of the accounts, citing privacy reasons, but said it would consider “a range of factors, including economic viability, reputational considerations and legal and regulatory requirements”.
criticism of the banker’s decision
The Conservative media and many Conservative MPs now believe that free speech in the UK is at risk. Prime Minister Rishi Sunak also criticized the bankers’ decision: “That’s wrong. No one should be barred from basic services because of their political views. Free speech is the bedrock of our democracy.”
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His fellow right-winger Suella Braverman even sees what he calls “woke capitalism” at work: “The Coutts scandal has exposed the sinister nature of the diversity, equality and inclusion industry,” the home secretary tweeted. The British “Daily Telegraph” stated that it was informed that the government intends to revoke the licenses of banks that are unfavorable to customers and hold negative opinions.
It has long been common practice for banks to scrutinize so-called “political figures” more than other clients, also to meet the financial regulator’s stringent anti-money laundering requirements. In addition, banks have the right to break up with customers if they find that their reputation has been damaged as a result of the business relationship.
However, FCA chief executive Nikhil Rathi has just warned that customers should not be discriminated against because of their political views, but should be treated “fairly”. Ratti told a parliamentary committee one of these was being negotiated with NatWest.
Farage, on the other hand, asked a parliamentary committee of inquiry to look into the matter. In any case, for populists, this is a good start for a revived movement against the political and economic establishment.
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