Nigel Farage Claims Coutts Closed His Account Due to 'Political' Reasons, But Bank Says It Was 'Commercial'
Nigel Farage, a Brexit campaigner and former UKIP leader, claimed that Coutts, a high-net-worth bank, had closed his account due to him being a "politically exposed person" (PEP).
However, sources close to the decision say it was a "commercial" move as Farage did not meet the bank's wealth threshold of having at least £1m in investments or borrowing, or £3m in savings.
Farage alleged that the decision was part of a plan to force him out of the UK.
Farage also claimed that he was turned down by nine different banks, but later received an offer from NatWest for a personal account, which he declined as it was not suitable.
Farage has been criticized for his ties to Russia, and claims that he received money from RT, a Kremlin-backed TV channel, may have contributed to the bank's decision.
Nigel Farage, a prominent Brexit supporter and former UKIP leader, has denied receiving any money from Russian sources.
Andrew Griffith, Economic Secretary to the Treasury and City Minister, has tweeted that banks should not close accounts solely because of a person's political status.
The Treasury is already looking into whether banks are being too rigorous in handling politically exposed persons (PEPs) and is passing a law requiring the Financial Conduct Authority to review how banks treat PEPs. The government is concerned about the possibility of financial services being denied to those exercising the right to free speech.
Farage alleged that the decision was part of a plan to force him out of the UK.
Farage also claimed that he was turned down by nine different banks, but later received an offer from NatWest for a personal account, which he declined as it was not suitable.
Farage has been criticized for his ties to Russia, and claims that he received money from RT, a Kremlin-backed TV channel, may have contributed to the bank's decision.
Nigel Farage, a prominent Brexit supporter and former UKIP leader, has denied receiving any money from Russian sources.
Andrew Griffith, Economic Secretary to the Treasury and City Minister, has tweeted that banks should not close accounts solely because of a person's political status.
The Treasury is already looking into whether banks are being too rigorous in handling politically exposed persons (PEPs) and is passing a law requiring the Financial Conduct Authority to review how banks treat PEPs. The government is concerned about the possibility of financial services being denied to those exercising the right to free speech.
