It has emerged that Nigel Farage’s personal bank accounts were closed down after Coutts decided that his views “do not align with our values,” according to a bombshell new report by The Telegraph.
Coutts & Co, is a British private bank and wealth manager headquartered in London, offers services for high net worth individuals and their families, and is part of taxpayer-backed bank NatWest. Mr Farage started having issues with the bank after Brexit, and said that that between 2014 and 2016, when he first banked with Coutts, there were no problems.
Mr Farage claims he was informed that his accounts were being closed in a phonecall from Coutts last month, when he was told the reasons for the bank’s decision would be communicated in a letter. However, when the letter arrived, it simply stated that his accounts were being closed and failed to give a reason.
The Telegraph reports on documents obtained by the former UKIP leader which show that a reputational risk committee “exited” the politician after considering a dossier which detailed his comments about Brexit, and a range of other views he held.
In the dossier, his comments about Brexit and the Black Lives Matter campaign were outlined, along with his friendship with both former U.S. President Donald Trump and unvaccinated tennis star Novak Djokovic. His views on LGBT issues were also among a multitude of reasons he was not “compatible with Coutts.”
“His publicly-stated views were at odds with our position as an inclusive organisation,” the exclusive bank – which is used by the Royal family – stated in the dossier.
The documents, which span 40 pages, were released to Mr Farage after he made a subject access request to Couts. The BBC and the Financial Times had previously reported claims that Mr Farage’s accounts were shut down because he fell below the financial threshold the bank requires – with the BBC quoting sources ‘familiar’ with the Coutts’ decision.
However, in the documents, the bank “repeatedly” says Farage “meets the EC [economic contribution] criteria for commercial retention,” as per the Telegraph report.
Writing for The Telegraph on Tuesday, Mr Farage described the bank’s action as “extraordinary” and “shocking.”
He outlined the content of the ‘Stasi-style surveillance report’ which he accessed from the bank – which he said “states several times that my “economic contribution” is sound and my funds are “sufficient to retain on a commercial basis” contrary to other reports in the media.
“It even acknowledges that I am a positive net financial contributor to the bank. Whoever at Coutts thought it clever to feed friendly media outlets outright lies about me sorely misjudged the situation,” he adds.
Mr Farage continued to state that he believes the bank “targeted” him on both personal and political grounds, adding:
“I believe Coutts targeted me on personal and political grounds, for its report reads rather like a pre-trial brief drawn up by the prosecution in a case against a career criminal. Monthly press checks were made on me. My social media accounts were monitored. Anything considered “problematic” was recorded. I was being watched.”
He goes on to warn: “This report is proof that any Coutts customer who holds even vaguely conservative views should be treated with disdain. My friendship with the family of Novak Djokovic, who stood firm over his belief that he should have the freedom to choose whether to receive the Covid vaccine, is mentioned on the charge sheet. “
“So is my retweeting of a Ricky Gervais gag and my belief in leaving the European Convention on Human Rights. What do these things have to do with my bank account?” he adds.
In addition, he says, the briefing report mentions Brexit 86 times; Russia is raised 144 times.
“At all times, the report’s tone is accusatory and reproachful. The fact that Brexit is mentioned on 86 occasions perhaps tells us all we need to know.
“Between 2014 and 2016, when I first banked with Coutts, no problems ever arose. After Brexit became a reality, everything changed. This can only be attributable to my status as the leading proponent of Britain’s divorce from the EU.
“In the same vein, Russia is raised 144 times. I have always said that after Brexit and Donald Trump’s victory in America in 2016, the globalist elite worked hard to undermine those at the forefront of anything that threatened the status quo. In this, it was spurred on by the mainstream media in Britain and America.”
Mr Farage says that Coutts’s report noted “presumably through gritted teeth” that it found “no evidence of my having any links to Russia. And it checked thoroughly.”
‘YOU COULD BE NEXT’
Mr Farage went on to write he found it “extraordinary” that in modern corporate Britain, being seen to be politically correct “seems to matter more than profits”.
“Sadly, Coutts is not alone in its quest to purge anybody deemed “unacceptable”. I have been refused an account by 10 other banks,” he added. “There is now little or no prospect that I will have a UK bank account again. Thank goodness that in the 21st century, via fintech companies, there are other ways to receive and make payments. It’s still not a bank account, but I will survive.”
He warned readers that his own story “is not just about me” – issuing a caution, “You could be next.”
“Refinitiv, which monitors creditworthiness, can examine social media posts made by any of us on Facebook or elsewhere,” he wrote. “ If this situation is left unchecked, we will sleepwalk towards a China-style social credit system in which only those with the “correct” views are allowed to fully participate in society.”
Mr Farage said that he remains “extremely angry” at the bank’s treatment of him, adding that he will be consulting with his lawyers to decide on appropriate action going forward. In a social media video posted on Tuesday, he described the move as “completely against free speech, completely against liberty, completely against democracy.”
I now have evidence Coutts LIED to me..
In an explosive 40 page memo, “Brexit” is mentioned 86 times, “Russia” 144 & “PEP” 10.
Support for Trump + views on immigration, net zero & the vaccine are listed as reasons to exit me.
They say my account is commercially viable! pic.twitter.com/QjPCuUetu3— Nigel Farage (@Nigel_Farage) July 18, 2023
Irish journalist and commentator Mary Kenny was among those to express concern at the decision – warning that “any of us could be ‘de-banked’ if our opinions aren’t fashionable”:
Nigel Farage's bank account was closed by Coutts because they disliked his political views. A very sinister move. Any of us could be "de-banked" if our opinions aren't fashionable. This isn't about whether you like Farage: it's about banking authoritarianism
— Mary Kenny (@MaryKenny4) July 19, 2023
In today’s Prime Minister’s questions, MP Sir Jacob Rees Mogg grilled Rishi Sunak on the shutting down of Mr Farage’s accounts.
‘Does my right honourable friend agree that however much we may find them tiresome, members of the opposition deserve bank accounts?’
Sir @Jacob_Rees_Mogg questions Rishi Sunak on @Nigel_Farage’s dispute with Coutts bank.
🖥 GB News on YouTube https://t.co/Wa58gYGZwF pic.twitter.com/LnblC8vFWx
— GB News (@GBNEWS) July 19, 2023
“Does my right honourable friend agree that however much we may find them tiresome, members of the opposition deserve bank accounts?” the former business secretary asked Sunak.
In response, Sunak replied: “It wouldn’t be right if financial services were being denied to anyone exercising their right to lawful free speech.”
The British PM criticised the bank for its “wrong” decision to Close Mr Farage’s accounts – saying that banks must support free speech.
“This is wrong,” he wrote on Twitter. “No one should be barred from using basic services for their political views. Free speech is the cornerstone of our democracy.”
This is wrong.
No one should be barred from using basic services for their political views.
Free speech is the cornerstone of our democracy. https://t.co/8S8Rzyh9Si
— Rishi Sunak (@RishiSunak) July 19, 2023