Nigel Farage downgraded from Coutts to NatWest

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Nigel Farage has been instructed his accounts on the elite financial institution Coutts will likely be closed down and shifted to an account at excessive avenue lender NatWest.

The previous Brexit occasion chief final week mentioned that an unnamed “prestigious” financial institution had shut his accounts and advised “the institution” was “making an attempt to drive me out of the UK” due to his political opinions. Farage on Tuesday confirmed that the financial institution was Coutts.

Nonetheless, two folks near the state of affairs famous that Coutts — as soon as often known as the “Queen’s financial institution” — had monetary eligibility standards that would clarify an account closure: shoppers are required to avoid wasting greater than £3mn or borrow or make investments greater than £1mn. NatWest, which is a part of the identical group, has no such standards.

A type of folks mentioned Farage had redeemed his Coutts mortgage earlier, decreasing his enterprise with the financial institution beneath the edge.

Requested about this, Farage mentioned: “You appear to know greater than me.” He confirmed he had paid off his Coutts mortgage early and declined to say whether or not he now met the standards.

Farage claims the extra seemingly cause for the closure of his accounts is that he’s on an inventory of “politically uncovered folks”, a regulatory regime that requires banks to hold out additional checks on elected politicians and their households in case they’re open to overseas bribery.

His complaints have been taken up by fellow rightwing politicians and newspaper columnists and a Residence Workplace minister has described closing financial institution accounts on political grounds as “utterly unacceptable”.

One of many folks near the state of affairs mentioned Coutts and NatWest have the identical requirements to determine whether or not a buyer is a so-called PEP. The extra price at monitoring PEPs can affect whether or not a financial institution decides to retain a buyer.

Farage, additionally former chief of the UK Independence occasion, instructed the FT that an official from Coutts rang him final Thursday at 6.55pm after he threatened to go public on his GB Information present in regards to the closure of his accounts.

He claims Coutts has not instructed him why it was closing down his private and enterprise accounts on the financial institution. “They mentioned I might have a private account at NatWest and so they’d take into consideration a enterprise account.”

He added: “Are they backtracking? Sure. They’re panicking.” NatWest has been approached for remark.

He mentioned his legal professionals had made “particular entry requests” to worldwide scores our bodies and had established that each he and his firm had PEP standing.

“I requested Coutts about this on Thursday and so they mentioned they didn’t suppose I had PEP standing,” he mentioned. “Very clearly I do.”

One of many folks near the state of affairs mentioned Farage was classed by NatWest Group as a “low-risk PEP”.

Farage mentioned on Tuesday he had beforehand banked with NatWest for 30 years nevertheless it had instructed him it couldn’t present him with forex providers — he was beforehand paid in euros as a member of the European parliament — and advised he transfer to Coutts.

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