Farage vs Coutts
Earlier this week, former UKIP leader Nigel Farage claimed to have evidence that NatWest’s private bank Coutts had sought to close his account back in November 2022 because his views did not “align with our values”.
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
Farage obtained documents after filing a “subject access request” with the bank. Writing in a commentary for The Telegraph, he claimed that Coutts’ decision to cancel his account “had nothing to do with [his] finances”, but that he was “targeted…on personal and political grounds”, adding, the “report is proof that any Coutts customer who holds even vaguely conservative views should be treated with disdain”.
He went on to say the “report’s tone is accusatory and reproachful”, mentions Brexit “on 86 occasions”, and includes a charge sheet containing details about his friendship with Novak Djokovic’s family (Djokovic notably refused to receive the COVID vaccine), a retweet of a Ricky Gervais joke and his stance on leaving the European Convention on Human Rights. Of these details, he asks, “What do these things have to do with my bank account?”
However, the report’s minutes read that, “The committee did not think continuing to bank NF [Farage] was compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation”. However, “This was not a political decision, but one centred around inclusivity and purpose”.
Coutts’ full dossier obtained by Farage is available to read here.
The bank’s treatment of Farage subsequently drew criticism and concern about the handling of accounts and client discrimination on the basis of political views. Rishi Sunak stepped in and announced plans to tighten rules around banks, who would be pressured to “explain and delay” any decisions on the closure of accounts.
Shortly after, NatWest Group’s chief executive Alison Rose apologised on Thursday, writing, “I believe very strongly that freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views.”
The letter goes on to say, “I am writing to apologise for the deeply inappropriate comments about yourself made in the now published papers prepared for the Wealth Committee.”
Coverage as information has continued to unfold has been a fascinating example of media bias.
First, the BBC’s business editor Simon Jack came under fire from Farage after shifting focus from the bank’s apparent political bias to his financial affairs, running a story on July 4 that claims his account was closed due to lack of funds, weeks before Farage obtained Coutts’ dossier.
The original article was updated on 20 July 2023 with the following:
Update 20th July 2023: Since this article was published, Nigel Farage submitted a subject access request to Coutts bank and obtained a report from the bank’s reputational risk committee. While it mentioned commercial considerations, the document also said the committee did not think continuing to have Mr Farage as a client was “compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation”. We have amended this article’s headline to make clear that the details about the closure of Nigel Farage’s bank account came from a source.
Following weeks of back-and-forth between UK banks, the government, and Farage, media headlines were not short of material for further bias. However, the majority of broadsheets and centre-left publications were more concerned about the free-speech argument following Coutts’ initial decision, and it was largely left to the tabloids and far-right leaning publications to run riot against whether or not they side against the elite, the extreme-right, or both.
Political views should not be a bar to banking services
This is a new form of McCarthyism: Coutts’ decision was dreadful and the sinister and deceitful manner in which it was taken even worse. But this is about much more than Farage
Nigel Farage has a point. Coutts should explain itself
Nigel Farage row: banks risk losing licences over free speech
Pressure on Coutts CEO over claims he kept his NatWest boss in the dark over Farage
Coutts closed Nigel Farage’s account because he didn’t ‘align with their values’
- reductive headline for a 40-page dossier, but they did also run a personal commentary from Farage about this issue and therefore appear to be fully on his side in the matter
Coutts bank hits back in row with Nigel Farage over shutting his account
Nigel Farage calls bank’s apology ‘a start’ but ‘no way near enough’ after account row
Farage’s ex-bank Coutts labelled ‘hypocrites’ for serving ‘dictators and mafia bosses’
- …according to Cameron Parry, the boss of TallyMoney-a rival digital bank which keeps its customer’s savings in gold.
