Farage: Government right to consider Natwest licence over Coutts brouhaha
Nigel Farage has praised the Government following reports ministers are considering making new laws to stop banks closing customers’ accounts because they disagree with their political views.
The former Ukip leader said MPs are “beginning to realise that this system is coming for them as well” after his bank accounts were closed by Coutts because his views “did not align with” its values.
Under plans to protect free speech, banks could lose their licences if they blacklist people with controversial views, The Times reported.
Speaking to the PA news agency, Mr Farage said: “Well done, the Government.
“I think this is one of the swiftest interventions I’ve seen by Government for many, many years.
“And I think that’s because this problem of the way banks have been behaving has been building up for years and years and years.
“Every MP will know of constituents, small businessmen and women who’ve literally been shut down by their banks with no reason given whatsoever.
“I also think that because of the politically exposed persons (PEPs) rule, I think they’re beginning to realise that this system is coming for them as well.”
The closure of Mr Farage’s accounts sparked outrage among senior Tory MPs, who have piled pressure on Coutts and its owner NatWest.
The Treasury is expected to announce plans as soon as next week to extend the notice time given to customers to close their accounts from one month to three months, The Times said.
Banks will also have to give an explanation of why the accounts are being closed and customers will be able to appeal against the decision.
Mr Farage said he was “really angry” that several members of his family have been refused bank accounts or had them closed.
“Many” of his relatives and associates have been designated politically exposed persons by a company that provides credit evaluations to banks, he added.
“It’s tough enough for individuals to go into public life and take the stigma that goes with it,” he told PA.
“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.”
The politician-turned-broadcaster revealed several weeks ago that the prestigious private bank had shut his accounts with no explanation.
This week he obtained a 40-page dossier from Coutts, using a subject access request, to gain information about the decision.
According to the Mail Online, the publication he handed the documents to, the bank cited his retweet of a Ricky Gervais joke about trans women and his friendship with unvaccinated tennis player Novak Djokovic to flag concerns that Mr Farage is “xenophobic and racist”.
The BBC, citing “people familiar with Coutts’s move”, had previously suggested the Brexit campaigner fell below the financial threshold needed to hold an account with Coutts.
The Telegraph said the BBC report came a day after BBC business editor Simon Jack sat next to NatWest chief executive Dame Alison Rose at a charity dinner.
Mr Farage insisted the Coutts documents provided “absolute proof” that his accounts were not closed for commercial reasons.
Asked for comment, the BBC pointed to its own reporting of the story.
Angela Knight, former head of the British Bankers’ Association, said the PEPs rule is a “grey area” that is “worthy of discussion” as she criticised Coutts’ move.
She told BBC Radio 4’s Today: “I do find it somewhat uncomfortable to see a situation arise where because of somebody’s legitimate views, even though you may not agree with them, somehow has resulted in a service being withdrawn and then not being told about it.”
Veteran journalist Andrew Neil told the same programme that Coutts “acted like a kind of political politburo rather than a bank”.
He added: “If banks want to act as political parties and have political criteria, they should publish what their political criteria is before you can have their bank account. They should also make themselves accountable to the public.”
Press Association