Coutts tells Nigel Farage you're not welcome.

 

Nigel Farage

The bankers to the rich, Coutts, have responded to Nigel Farage's assertion that they have closed his bank accounts for political reasons. Farage has said that he believes that he's been designated a 'Politically Exposed Person', and claims that the banks decision may have been influenced by his position on Brexit. He also believes that comments made by the Labour MP, Chris Bryant, alleging that he'd taken Russian money, may also be a significant factor in the bank’s decision to cancel his accounts.

Farage denies the allegation and says he's written to Bryant and Parliament about it. Coutts have told the BBC, that Farage's accounts were closed for "commercial" reasons as he didn't meet their wealth criteria of investing or borrowing £1m with the bank, or having £3m in savings. Coutts, which is owned by NatWest, say they have offered Farage a personal account with NatWest.

The BBC News Night program, reported on Tuesday evening, that other Coutts customers, had told the BBC that they didn't meet the bank's wealth criteria, but had not had their accounts closed by Coutts. Farage has claimed that he's been refused bank accounts with nine other lenders who have told him he's a P.E.P. He says that he was only offered a NatWest personal account when he went public, and that Coutts at "no point", had given him a minimum threshold. He says he needs a business account because he operates through a business and any income he earns, goes through his business. He says that the decision by the bank will "fundamentally affect my future career and whether I can even go on staying and living here in this country."

A Treasury spokesman told the BBC that it would be a "serious concern" if financial services were being denied to people exercising their right to lawful free speech. They said the law requires the Financial Conduct Authority (FCA) to conduct a review into how banks treat politically exposed persons and that a right balance had to be struck, between the right to free speech, and the banks right to manage commercial risk.