Nigel Farage downgraded from Coutts to NatWest

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Nigel Farage has been advised 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 celebration chief final week mentioned that an unnamed “prestigious” financial institution had shut his accounts and urged “the institution” was “making an attempt to pressure me out of the UK” due to his political opinions. Farage on Tuesday confirmed that the financial institution was Coutts.

Nonetheless, two individuals 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 save lots of greater than £3mn or borrow or make investments greater than £1mn.

“You appear to know greater than me,” Farage advised the Monetary Instances. He confirmed he had paid off his Coutts mortgage early, lowering his enterprise with the financial institution, 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 a listing of “politically uncovered individuals”, a regulatory regime that requires banks to hold out further 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 “fully unacceptable”.

Nonetheless, one of many individuals near the state of affairs mentioned Coutts and NatWest — that are a part of the identical group — have the identical requirements to resolve whether or not a buyer is a so-called PEP and Farage’s politics weren’t an element.

Farage, additionally former chief of the UK Independence celebration, advised 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 concerning the closure of his accounts.

He claims Coutts has not advised 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 they usually’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 attorneys had made “particular entry requests” to worldwide rankings our bodies and had established that each he and his firm had PEP standing.

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

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

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