Nigel Farage’s Coutts bank account closed due to
lack of funds
Former Brexit party leader has claimed private bank
targeted him over political views
Kalyeena
Makortoff and Ben Quinn
Tue 4 Jul
2023 15.11 BST
The private
bank Coutts is understood to have shut Nigel Farage’s bank account after he
fell below the prestigious lender’s wealth requirements, raising questions over
the Brexiter’s claims that the bank was targeting him over his political views.
The former
Brexit party and Ukip leader has said the closure was likely to have been
linked to his status as a politically exposed person (PEP) and claims in the
Commons that he had received payments from Moscow’s state-funded broadcaster,
Russia Today.
PEPs are
generally subject to extra checks and monitoring by banks.
However,
the Guardian understands the decision to close Farage’s account was linked to
the fact that Coutts – which has served every member of the royal family since
George IV – requires customers to hold at least £3m in savings, or borrow or
invest at least £1m with the bank.
Farage told
BBC Radio 4’s World at One programme: “I have been with them for a decade and
at the moment I have more money sitting on current account than I have had for
most of that time.”
Farage said
he had first received a notice his account would be closed two months ago. It
has emerged that he has since been offered a standard personal account with
NatWest Group, which owns Coutts and runs the high street banks NatWest and
Royal Bank of Scotland.
Farage said
NatWest offered him a standard account only after he went public with his
complaints last Thursday, and claimed his status as a political figure was
still the root issue.
“Some time
ago I was informed both business and personal accounts would be closed by
Coutts, without an offer of any NatWest facilities, and with no reason given,”
Farage said.
“When I
went public with the story on Thursday, they said a personal account, but not
business, could be offered on thresholds.
“Well, it
was never mentioned before, and not in writing, and they are using this new
story to deny that politics and PEP status is the real reason. Most important
of all is that now a total of nine other banks have also refused because of PEP
status. Make your mind up who is telling the truth here.”
His
spokesperson did not immediately confirm whether Farage had turned down NatWest’s
offer.
NatWest
Group declined to comment on the matter, which was first reported by the BBC.
Farage’s
complaints have escalated into a so-called freedom of speech row, and prompted
comments from government officials including the security minister, Tom
Tugendhat, who said it should be “completely unacceptable” for banks to close
accounts on “political grounds”.
Lucy
Frazer, the culture secretary, also urged regulators to take action against
banks that shut off access to people with controversial views.
The
Treasury confirmed on Monday that it was already reviewing whether banks were
blacklisting customers with controversial political views.
Under the
new Financial Services and Markets Act, which gained royal assent last week,
the City regulator will be looking at how banks deal with PEPs. That
review will take place within the next 12 months.
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