Nigel Farage's bank account closure

[~ True Legend ~]

Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for the wealthy, the BBC has been told.

https://www.bbc.co.uk/news/business-66097039

Why did they not have an issue for the last 10 years??

Mr Farage claims other banks have refused to take him on as a customer on the grounds that he is a "politically exposed person" (PEP).

A PEP generally presents a higher risk for financial institutions as regulators consider such people to be more exposed to the risk of potential involvement in bribery and corruption by virtue of their position and the influence they may hold.

Mr Farage told the BBC: "Are you telling me that all the other banks say it was a PEP thing and Coutts wasn't? Draw your own conclusions."

And this was down to 9 other lenders!!

Why lie about the reason for the bank account closure? I honestly don't understand.

Do you think it's fair on politicians to be prohibited from holding a business bank account?

 

[Webster]

Do you think it's fair on politicians to be prohibited from holding a business bank account?

If banks can do this to those they don't care for, they can do it to anyone.

 

[~ True Legend ~]

If banks can do this to those they don't care for, they can do it to anyone.

We're talking fairness here, not legal implications.
They're stereotyping MPs as a liability. This isn't fair and could possibly dissuade passionate ppl going into politics. That's just my opinion though. I respect those who side with the bank, stating it's at their discretion

 

[Nebulous]

Do you think it's fair on politicians to be prohibited from holding a business bank account?

I don't think so. Seems a little unfair to discriminate against them, even if they are slimy politicians.

 

[~ True Legend ~]

I don't think so. Seems a little unfair to discriminate against them, even if they are slimy politicians.

Agreed. I’d say it’s different if they’ve proven to be untrustworthy by taking bribes etc. But we can’t say they’re all bad, I hate stereotypes!

I get their POV about risk though, as I’d bet ya that loads of corruption goes unreported. That doesn’t make it just.

 

[Nebulous]

Agreed. I’d say it’s different if they’ve proven to be untrustworthy by taking bribes etc. But we can’t say they’re all bad, I hate stereotypes!

I get their POV about risk though, as I’d bet ya that loads of corruption goes unreported. That doesn’t make it just.

How is it risky? Are they lending them money or just providing a bank account?

 

[~ True Legend ~]

How is it risky? Are they lending them money or just providing a bank account?

I believe this is more about the number of reports of money laundering and such by politicians. Taking bribes, etc. Not owning up to it. So many cases where such has been discovered.

 

[~ True Legend ~]

Nigel Farage says he has evidence that Coutts bank decided to close his account because his views "do not align" with their values.

https://www.bbc.co.uk/news/uk-66240298

Coutts said decisions to close accounts included reputational considerations.

In the Telegraph article, former UKIP leader Mr Farage says that the "36-page" document shows that he was targeted "on personal and political grounds".
According to what the Telegraph says are minutes of a meeting of Coutts' wealth reputational risk committee held on November 17 2022, they read: "The committee did not think continuing to bank NF [Nigel Farage] was compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation.

Clearly!! And the bank having been fine with the "below threshold investment" for 10 years!

 

[~ True Legend ~]

Chancellor has concerns as NatWest boss Dame Alison Rose admits 'serious error'

Dame Alison Rose admitted a "serious error" in talking about Nigel Farage's relationship with its private banking arm Coutts.

www.bbc.co.uk

Apparently, this was private info. Oh, the twist!