Nigel Farage has branded Coutts bank as “dishonest in the extreme” after it denied the Brexiteer’s accounts had been closed for political reasons.
And he shared a string of messages that cast doubt on a report by the BBC suggesting that the Brexit leader fell below the financial threshold needed to hold an account with Coutts, a prestigious private bank for wealthy customers. Coutts requires its customers to borrow or invest at least £1 million, or save at least £3 million, according to an eligibility questionnaire on its website.
Business Editor Simon Jack, who said the BBC had been told Farage fell below Coutts’ financial threshold, appeared to then row back on these claims. On Twitter, he said: “Thank you to the Coutts customers who have been in touch saying they fall below financial thresholds but unlike Farage have not been threatened with account closure. Clearly a lot of discretion available to the bank.”
In a later tweet aimed at Jack, Farage wrote: “Just some of the messages that I am getting. Coutts will not admit that this is a political decision. Dishonest in the extreme.”
In what appeared to be forwarded WhatsApp messages, two messages claimed to be from fellow Coutts customers who had not had their accounts closed, despite falling below the threshold.
One read: “Nigel, I bank with Coutts and have done since 2010, I don’t keep £1 million there, as they are quite a poor wealth manager. It’s a poor excuse they’re giving you.
“Disgraceful. Doomberg did a good story on it today.”
Another message read: “I have banked at Coutts for over 40 years ad never had 1m pounds in there and in fact more often than not single digit£… what’s happened to you is outrageous.”
Previously, Farage said in a video posted on Twitter: “They are telling the press I don’t meet their wealth threshold. Well, they never mentioned that before in the previous 10 years.
“The worst of the story is, they denied to me on the phone on Friday I was a PEP (Politically Exposed Person). That is the reason Coutts will not have me, and Coutts are, frankly, being very, very dishonest indeed.”
He added that nine other banks have refused him on the basis of being treated as a PEP. This refers to someone who holds high public office in the UK or overseas, or their family members, meaning financial institutions can treat their accounts with extra due diligence.
PEPs could pose more of a risk of abusing their public office position for personal gain, such as by making or accepting bribes, according to guidance by the Financial Conduct Authority (FCA). The Government is looking into whether banks are closing people’s accounts over their political views, sparking disputes over whether freedom of speech is being “denied” by financial services firms.
Prime Minister Rishi Sunak said the right to free speech had to be respected “and that should not be an excuse to close anyone’s account”. He told broadcasters: “The Chancellor has been very clear about this and spoken to the regulator.
“Obviously, we have to respect people’s right to free speech and that should not be an excuse to close anyone’s account and that’s not what we would expect.”
