Farage's bank accounts closed

[NotAllThere]

I'm going with arrogance and incompetence!

That approach generally works.

Apparently, all lawyers are politically exposed persons. Also it's clear the banks are more scared of being caught laundering than they are of losing business. Some kind of readujustment seems necessary.

[SueEllen]

Update on Farage's claims from LBC (via beeb)

Farage fell below the financial threshold to have his account at Coutts

He needed to have £3M to in savings and £1M for a current accouint to hold an account there.

Natwest, who own Coutts, offered to have him as a client.


Source - https://twitter.com/BBCSimonJack/sta...61715526836225

Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for wealthy customers the BBC has been told.

It also understood that he was offered a normal account at Natwest which owns Coutts.

People familiar with the matter rejected the notion that the decision to close his Coutts account was in any way political. "it was for commercial reasons - the criteria for holding a Coutts account are clear from the bank's website".

Coutts requires customers to borrow or invest £1 million with the bank or hold £3million in savings.

Mr Farage recently posted a 6 minute video on Twitter saying that losing his bank account was the equivalent of being a "non person" and that the decision may "fundamentally affect my future career and whether I can even go on staying living here in this country".

Mr Farage disputed the fact that he was offered a Natwest account at the time his Coutts accounts were withdrawn. He says offer of a Natwest account came late last week.

The offer of a Natwest account still stands the BBC understands.

Mr Farage says that he has tried to open an account with a number of other banks but claims he was rejected on the grounds that he is a "Politically Exposed Person" (PEP). A PEP generally presents a higher risk for financial institutions as regulators consider PEPs more exposed to the risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.

People familiar with Natwest's thinking insisted that this not the reason for the closure of his Coutts account Mr Farage told teh BBC - "are you telling me that all the other banks say it was a PEP thing and Coutts wasn't - draw your own conclusions."

Mr Farage also said that his business account for "Thorn in the Side Limited" was closed despite the fact hat last year he had what he described as "large significant positive cash balances" going through his business account.

Coutts do not offer business banking services to customers who are not also private customers.

[eek]

Update on Farage's claims from LBC (via beeb)

Farage fell below the financial threshold to have his account at Coutts

He needed to have £3M to in savings and £1M for a current accouint to hold an account there.

Natwest, who own Coutts, offered to have him as a client.


Source - https://twitter.com/BBCSimonJack/sta...61715526836225

I think it's more Coutts said you can't bank here we will transfer your account to Natwest (that's a standard procedure btw)...

[SueEllen]

I think it's more Coutts said you can't bank here we will transfer your account to Natwest (that's a standard procedure btw)...

Sorry I was finding the source and copying it out, so I edited my post.

[vetran]

Seems its not just Nationalist Nige

https://www.dailymail.co.uk/news/art...unts-shut.html

EXCLUSIVE: Equalities chief, fathers' rights charity and UKIP councillor claim THEIR bank accounts were shut with no warning - as Santander insider reveals LGBTQ+ activists pressure bosses to kick out 'anti-woke' clients

[AtW]

Pretty certain Farage has got foreign accounts with lots of dosh in them - would be great if he talked about those

[AtW]

Nigel Farage bank account shut for falling below wealth limit

https://www.bbc.co.uk/news/business-66097039

[AtW]

“The former politician said the bank only did this when he "went public" with his story, and that it only offered him a personal account, not a business account.

"Well what use to me is that?" he told the BBC. "I operate through a business, that's how I live. Any income that comes to me personally comes through my business."

Hmmmmm

[SueEllen]

Nigel Farage bank account shut for falling below wealth limit

https://www.bbc.co.uk/news/business-66097039

That's what I posted above.

The story is from a journalist at the Beeb who posted it on Twatter before the online team put it on the website.

[SueEllen]

Seems its not just Nationalist Nige

https://www.dailymail.co.uk/news/art...unts-shut.html

Farage is talking a load of tulipe...

Natwest, the owners of Coutts, have offered him an account as he's too poor for Coutts