- Farage Fails to Deny Insufficient Funds at Exclusive Coutts Bank
- Coutts’ Wealth Threshold Results in Termination of Farage’s Banking Services
- Sunak Defends Free Speech and Criticizes Banks’ Account Termination Policy
The Brexit supporter reported last week that his bank informed him they no longer wanted him as a customer. Now that the bank in question has been identified as Coutts, he does not deny falling below the wealth limit.
Nigel Farage has failed to deny that he has insufficient funds at the exclusive bank used by the Royal Family.
The Brexit advocate and former leader of the UK Independence Party claimed last week that a bank – now verified to be Coutts – had decided to cease doing business with him.
Mr. Farage asserted that this was because he was a “politically exposed person” (PEP).
Mr. Farage had fallen below the minimum wealth threshold required by Coutts, which led to the cessation of services.
The boutique financial institution requires clients to have at least £1 million in investments or financing, including a mortgage, or £3 million in savings, according to their website.
The bank, which was established in the late 17th century, has royal family ties dating back to George III.
Mr. Farage stated in a video posted to his Twitter account, “They’re telling the press that I don’t satisfy their wealth threshold.
In the previous ten years, this topic has never been mentioned.
“No threshold has ever been mentioned to me,” Mr. Farage stated. The current standing is superior to the majority of the previous decade. They are concealing themselves behind this.”
Mr. Farage did not dispute that he was below the above-mentioned thresholds for Coutts; however, he stated that he had “more money sitting in my current account than I should” and reiterated that the issue of the wealth cap had never been raised previously.
The website for Coutts makes it abundantly obvious to anyone interested in becoming a member that minimum deposits are required.
Coutts has declined to comment, but it is believed that the bank decides whether or not to terminate a relationship based on commercial viability, reputational concerns, or legal or regulatory requirements.
Sunak: We must uphold the right to free speech
Rishi Sunak stated on Tuesday, in response to a question about the issue, that banks should not be permitted to terminate customers’ accounts based on their beliefs.
The prime minister told broadcasters, “The chancellor has been very clear about this and has communicated with the regulator.”
We must respect people’s right to free expression, but that is no reason to close anyone’s account, nor would we expect that to occur.
Mr. Farage claims that he has now been denied bank accounts by nine distinct companies, up from seven that he mentioned last week.
He said in the Twitter video that NatWest, Coutts’ owner, offered him an account after last week’s announcement.
This was of no use to him, as the account was personal and not business-related.
Mr. Farage responded, “Yes, the bank that shut me down was Coutts.”
They now claim to have offered me a NatWest account.
“It wasn’t until late Thursday night after I spread the rumor that seven other banks had denied me, that I learned that nine other banks had also denied me.”
He asserted that Coutts is “extremely, extremely dishonest.”
Mr. Farage said Coutts said they weren’t sure if he was still a PEP.
After making a subject access request to credit institutions, the former MEP learned he has both personal and business accounts.
To prevent bribery or corruption from being processed through the institution, banks may refuse to accept PEPs as clients.
Mr. Farage wanted UK bank accounts to be a legal right when questioned about his future steps.
He also hinted that he may quit the United Kingdom and move to the United States.
