Private bank Coutts is understood to have closed 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 for his views policies
The former Brexit and Ukip leader has said the closure was likely linked to his politically exposed person (PEP) status and claims in the Commons that he had received payments from state-funded Moscow broadcaster Russia Today.
PEPs are generally subject to additional controls and monitoring by banks.
However, The Guardian understands that the decision to close Farage’s account was linked to the fact that Coutts, which has served all members of the royal family since George IV, requires customers to have savings of ‘at least £3 million or that allocate or invest at least £. 1 m with the bench.
Farage told BBC Radio 4’s World at One programme: “I’ve been with them for a decade and I’ve got more money in my checking account now than I’ve had for most of that time.”
Farage said he first received notice that his account would be closed two months ago. It is understood he has since been offered a standard personal account with NatWest Group, which owns Coutts and runs major 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 main issue.
At no point in the last 10 years did Coutts give me a minimum threshold.
More importantly, the offer of a Natwest personal account only came after I went public last Thursday.
There was no business solution offered, and they even denied that I was a PEP, which is why 9 other banks have said no. pic.twitter.com/DO9yMFKzGT
— Nigel Farage (@Nigel_Farage) July 4, 2023
“I was informed some time ago that both business and personal accounts would be closed by Coutts, without an offer of any facility from NatWest and with no reason given,” Farage said.
“When I went public with the story on Thursday, they said that a personal account could be offered, but not a business account, on thresholds.
“Well, it’s never been mentioned before, and not in writing, and they’re using this new story to deny that PEP’s policy and status is the real reason. Most important of all, now a total of nine more banks have also declined due to PEP status. Decide who is telling the truth here.”
His spokesman did not immediately confirm whether Farage had rejected NatWest’s offer.
NatWest Group declined to comment on the matter, which was first reported by the BBC.
Farage’s complaints have become a so-called free speech row and prompted comments from government officials, including Security Minister Tom Tugendhat, who said it should be “completely unacceptable” that the banks would close accounts for “political reasons”.
Lucy Frazer, the culture secretary, also urged regulators to crack down on banks that close 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 Markets and Services Act, which won royal assent last week, the City regulator will look into how banks deal with PEPs. This review will take place over the next 12 months.
