By Jessica Frank-Keyes
Top Tory MPs have piled pressure on Coutts and its owner Natwest after the private bank reportedly closed Nigel Farage’s account because his views do “not align with our values”.
Former Brexit secretary David Davis said the decision amounted to “thinly veiled political discrimination” and called it a “vindictive, irresponsible and undemocratic action”.
Speaking during Prime Minister’s Questions (PMQs) on Wednesday, Davis accused Coutts of lying about the “commercial viability” of Farage’s account in anonymous briefings to the BBC and said the disclosure of private information “ought to jeopardise its banking licence”.
Sir Jacob Rees-Mogg also called for an inquiry into what happened to the Coutts account formerly held by Farage, the former Brexit Party and UK Independence Party (Ukip) leader.
Prime minister Rishi Sunak has vowed to use new measures to “crackdown” on banks refusing to work with those deemed to be a politically exposed person (PEP).
Addressing questions in the Commons, Sunak said his administration will be “toughening the rules around account closures” following a consultation.
The Conservative Party leader said it “wouldn’t be right” for financial services to be denied to those expressing lawful free speech.
‘Incredibly concerning’
During a later visit to Warwickshire, Sunak, asked whether he would look to hold talks with Natwest about Farage’s situation, said he “wouldn’t comment on any particular case”.
Sunak’s press secretary, fielding questions from reporters, said it would be “incredibly concerning and wrong” if Farage’s account was closed due to his political opinions.
“No-one should be barred from bank services for their political views,” she said.
Ahead of the calls for intervention in Parliament, Tory Cabinet ministers spoke out against the way Farage has been treated.
Energy security secretary Grant Shapps said the decision was “absolutely disgraceful” while home secretary Suella Braverman called the situation a “scandal”.
She tweeted: “Natwest and other corporates who have naively adopted this politically biased dogma need a major rethink.”
City minister Andrew Griffith spoke of “serious concern”, saying banks are duty bound by their licence to allow someone they disagree with to be a customer.
‘Reputational risk’
Eurosceptic Farage has obtained a 40-page dossier from Coutts, using a subject access request, to gain information about the decision to shut his account.
According to the Mail Online, who he handed the documents to, the bank cited a retweet of a Ricky Gervais joke about trans women and his friendship with tennis star Novak Djokovic, who is opposed to Covid vaccinations, to flag concerns Farage is “xenophobic and racist”.
It also took issue with his defence of former US president Donald Trump and Farage’s comments criticising the UK government’s net zero carbon emissions by 2023 policy.
The minutes of a meeting of Coutts’s Wealth Reputational Risk Committee, from November 17, 2022, said: “The committee did not think continuing to bank NF was compatible with Coutts given his publicly-stated views at odds with our position as an inclusive organisation.”
The documents suggest Coutts knew Farage was likely to use his public platform, particularly as a GB News presenter, to air any grievances about his account being closed as it committed to reviewing his comments in the media and financial activity annually.
In undated comments, the bank said: “It is acknowledged that many of the behaviours demonstrated by NF do not align with our values and that there are reputational risks to the bank being associated with him.”
Farage said his experience has left him fearing the UK is moving towards a “Chinese-style social credit system” where only those with “acceptable views” can participate in society.
‘Effectively debanked’
“I am effectively de-banked. How do I pay my gas bill? What have I done wrong? I haven’t broken the law,” he said.
The BBC, citing “people familiar with Coutts’s move”, previously suggested the anti-EU campaigner fell below the financial threshold needed to have a Coutts account.
Coutts requires customers to borrow or invest £1m or save £3m, according to its website.
But, according to the files handed to the Mail Online, officials said closing his accounts could not be justified on the basis of his wealth as his “economic contribution” was “sufficient”.
Davis, a Brexit-backing MP and former cabinet minister, called on all British banks to be forced to declare to the Treasury when they close an account for non-commercial reasons.
A Coutts spokeswoman said: “Our ability to respond is restricted by our obligations of client confidentiality. Decisions to close accounts are not taken lightly and take into account a number of factors including commercial viability, reputational considerations and legal and regulatory requirements.
“As the client has previously confirmed, alternative banking arrangements have been offered within the wider group.”
By Patrick Daly, PA Political Correspondent
