- Farage Shifts to Lloyds
- Debanking Controversy Continues
- Regulatory Inquiries Underway
Farage’s Banking Transition
Nigel Farage, the former UKIP leader, is relocating his banking services to the UK’s largest high street lender, months after Dame Alison Rose lost her job due to a debanking dispute.
Farage is opening multiple accounts with Lloyds Banking Group, which owns Halifax and Lloyds networks along with wealth management services.
This move, reportedly approved by Lloyds executives, marks the latest development in a series of ministerial interventions, regulatory inquiries, and repercussions for top banking executives in the country.
Farage confirmed the transition, saying, “Lloyds has established accounts for me after ten lenders rejected my banking application. It’s reassuring to see at least one high street bank unprejudiced in politics.
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Ongoing Debanking Controversy
Farage’s announcement comes as an independent inquiry into the NatWest debanking scandal is ongoing. Travers Smith, a City-based law firm, has presented a report to NatWest’s board on the events that led to Dame Alison Rose’s dismissal.
In July, the former CEO of NatWest resigned following Downing Street’s loss of confidence in her ability to fulfill her role. She had previously issued a heartfelt apology to Farage in a last-ditch effort to retain her position.
Following Farage’s subject access request, it emerged that Coutts and NatWest executives had criticized some of his public statements and political views. However, the bank’s internal report affirmed his compliance with commercial eligibility requirements.
Farage has filed a lawsuit against the taxpayer-backed lender. The status of this lawsuit was unknown as of Friday. He has also lodged a complaint with the Information Commissioner’s Office concerning the disclosure of his personal information and is awaiting additional information release by NatWest.
The debanking controversy led to not only Dame Alison’s resignation but also the departure of other executives. Peter Flavel, Coutts’ head of wealth management, resigned shortly after Paul Thwaite was appointed her interim replacement.
Regarding Coutts’ offer to maintain his accounts, Farage insisted on obtaining answers from the organization.
The outgoing chairman of NatWest, Sir Howard Davies, faced severe criticism from the former UKIP leader over his handling of the scandal. The Treasury instructed the Financial Conduct Authority to conduct an immediate review of the debanking issue. However, Mr. Farage criticized the FCA’s conclusion last month, highlighting the omission of the period encompassing the closure of his accounts in the review.
