Wednesday, 25 Dec 2024

Coutts bank breaks silence amid Nigel Farage account row

A war of words between a private bank and Nigel Farage has reached a new height today.

Yesterday, ministers rallied around former Brexit Party leader after his account was closed by Coutts.

The company had reportedly decided that the politician’s views do ‘not align with our values’.

Energy Security Secretary Grant Shapps fumed the decision was ‘absolutely disgraceful’, while Treasury minister Andrew Griffith added it raised ‘serious concern’.

But Coutts bank hit back today and claimed it not close customer accounts ‘solely on the basis of legally held political and personal views’.

A spokesperson spoke of the ‘substantial interest’ in the Farage case but said it could not comment in detail because of customer confidentiality obligations, Sky News reports.

The statement continued: ‘Decisions to close an account are not taken lightly and involve a number of factors including commercial viability, reputational considerations, and legal and regulatory requirements.

‘We recognise the critical importance of access to banking.

‘When it became clear that our client was unable to secure banking facilities elsewhere, and as he has confirmed publicly, he was offered alternative banking facilities with NatWest. That offer stands.

‘We understand the public concern that the processes for ending a customer relationship, and how that is communicated, are not sufficiently transparent.’

Eurosceptic Mr Farage had handed the Mail Online 40 pages of documents he obtained after making a subject access request to Coutts after its decision to shut his account.

According to the report, the bank’s dossier cited his retweet of a Ricky Gervais joke about trans women and his friendship with tennis player Novak Djokovic, who was against being vaccinated against Covid, to flag concerns Mr Farage is ‘xenophobic and racist’.

Mr Farage said his experience has left him fearing the UK is moving towards a ‘Chinese-style social credit system’ where only those with ‘acceptable views’ can participate in society.

Mr Farage has said the threat of being de-banked over their views could prevent people from going into public life.

He added: ‘Refusal to open (bank accounts) and closures have happened to several members of my family.

‘Which is perhaps, above all, what has made me angry, really angry and motivated me to do this.

‘It’s tough enough for individuals to go into public life and take the stigma that goes with it…

‘But if it’s now going to have a huge effect on your family and close friends, why would anybody of any calibre want to go into public life in our country?

‘I mean, this really matters.’

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