Nigel Farage Accuses Coutts Bank of Closing His Account Over Political Views
Nigel Farage, a prominent British politician and former leader of the UK Independence Party (UKIP), has accused Coutts bank of closing his bank account over his political views.
In a report obtained through a subject access request, Coutts' wealth reputational risk committee reportedly stated that they did not believe continuing to bank Farage was compatible with the bank's values, citing his "publicly stated views that were at odds with our position as an inclusive organisation." Farage claims that the decision was not a political one, but rather centered around inclusivity, and that the bank perceived him as "racist and xenophobic." He also alleges that the report mentioned Brexit and Russia, and that the bank's decision was influenced by a "noxious" political atmosphere.
Coutts maintains that the decision to close Farage's account was not taken lightly and was based on several factors, including commercial viability, reputational considerations, and legal and regulatory requirements.
The bank requires its customers to borrow or invest at least £1m with the bank or hold £3m in savings.
Farage had previously gone public with the fact that his account was being shut, and later claimed that he had been turned down by nine other lenders.
Some people familiar with Coutts' move subsequently told the BBC that it was a "commercial decision," and that the criteria for holding an account with the bank were clear from the bank's website.
Andrew Griffith, economic secretary to the Treasury, has called for a review into whether banks are closing accounts of those who are "politically exposed," following Farage's claims.
The review aims to strike a balance between preventing money laundering and ensuring that elected officials and their families can access banking services.
Coutts maintains that the decision to close Farage's account was not taken lightly and was based on several factors, including commercial viability, reputational considerations, and legal and regulatory requirements.
The bank requires its customers to borrow or invest at least £1m with the bank or hold £3m in savings.
Farage had previously gone public with the fact that his account was being shut, and later claimed that he had been turned down by nine other lenders.
Some people familiar with Coutts' move subsequently told the BBC that it was a "commercial decision," and that the criteria for holding an account with the bank were clear from the bank's website.
Andrew Griffith, economic secretary to the Treasury, has called for a review into whether banks are closing accounts of those who are "politically exposed," following Farage's claims.
The review aims to strike a balance between preventing money laundering and ensuring that elected officials and their families can access banking services.
