The famous British bank Coutts wants to end its business relationship with right-wing politician Nigel Farage, because he no longer meets the bank’s financial standards. But Farage suspects there are political motives behind this measure.
Nigel Farage is going through tough times. The former head of the right-wing populist UK Independence Party (Ukip) has spent his entire career calling for the UK to leave the European Union. However, he recently expressed his disappointment with the implementation of the Brexit vote in 2016: “Brexit has failed.” It is to explain. “We have not achieved results and the Conservatives have let us down badly.”
A few days ago, Farage again spoke in an accusatory tone To speak. This time it was not the Conservative Party, but Cote Private Bank, which belongs to the British group Natwest, that was the target of his wrath. The reason: The lofty financial institution ended its business relationship with Farage without explanation, with one Brexit campaigner saying it was clear he was being punished for his political views.
Specifically, Farage speculated that the bank had appointed him as A Politically Exposed Person (PEP) Classify. In Great Britain, high-ranking foreign politicians or judges and their families are considered PEPs. Farage also placed the bank’s action in the context of statements from political opponents in the House of Commons that he had received payments from Moscow for previous appearances on Russia Today television channel – something Farage categorically denies.
Now the Tribune has explained that after Coates was fired, he contacted nine financial institutions – but none were willing to open an account for him. From here, he concluded that the establishment conspired against him to expel him from the country. Farage stressed that without a bank account, Britain cannot exist in the 21st century.
Debate about freedom of expression
Farage’s ordeal has sparked a debate about freedom of expression. Which soon reached Parliament at Westminster: Culture Secretary Lucy Fraser called on regulators to take action against banks that no longer want to deal with people with unpleasant political ideas.
Conservative MP David Davis said Farage was just the latest victim of the abuse of PEP rules. It requires financial service providers to implement stricter anti-corruption controls when dealing with politically exposed persons. But since banks don’t have to provide any reasons for terminating business relationships, the rules are being abused to take action against unwanted residents, Davis says.
Coats has strict standards
The Coates Institute, founded in London in 1692, is known for its illustrious clients. The royal family is one of its clients, which is why the bank was given the title “The Queen’s Bank” during the reign of Queen Elizabeth II.
Coates does not comment on individual clients. But it was leaked unofficiallyThat Farage no longer met the bank’s financial standards. Clients must have savings of more than £3 million or investments or a mortgage of at least £1 million. The Financial Times reportedFarage has paid off his mortgage early and therefore may no longer meet the criteria.
What is certain is that Coates offered Farage an account at retail bank Natwest. But the politician claims that this offer was made to him only after he announced the case. If the Brexit champion can bring himself to do his financial dealings with the mundane NatWest rather than the illustrious Coates in the future, he should at least be spared the ignominy of immigration.
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