Nigel Farage bank woes

Farage is a high profile political actor. In spite of never being elected to the UK Parliament he's all over the media, his appearances on Question Time are a scandal of their own. Even setting aside his views on the EU he's siad stuff that makes him pretty controversial - as summarised in Coutts own internal report.

A bank, any bank, is perfectly entitled to decide to end its relationship with a customer. They may, or may not, give reasons - depends on the circumstances. In some cases, though not apparently applying here, they're prevented from saying why.

Coutts concluded that, as a high profile provider of private banking to individuals of high net worth, being associated with Farage was a reputational risk. While one can say "oh no he is not" I don't think the decision to 'sack' him was one which no reasonable bank could have made.

Where they went wrong was in the way it was done. The CEO of the parent company, Nat West, briefing a BBC reporter and doing so in terms that were not the whole truth adds considerable fuel. That she seems to have done so, and done it in a way where she was not properly protected as a source of background should be, is ample reason for her to fall on her sword. Similarly Coutts CEO for the original screw up.

Making this about a man denied access to those banking services we need for modern life is, to use a term from another place, total bahoolix.

I agree, and the law, ironically retained EU stuff the Faragistes would have removed without though as to consequence, says we're entitled to a bank account so as to allow normal life. That means as a place to receive your income and via cash, card or automated payments, deal with your living costs. The sort of 'basic account' my clients with no fixed address can access.

Any add ons whether credit, advice on your 'wealth' a fancy name on your cheque book and a glass palace office in the Strand are just that; available subject to status. Farage, I suspect, has sufficient net worth to meet the status requirements for credit etc.

There are regular pieces in the finance pages of the papers about people who have had accounts closed or applications declined. Upon proper exploration many are to do with Brexit; people resident in the EU and not the UK might find UK banks unwilling to continue - a simple regulatory issue.

Others, and we've seen both Gina Miller's political party and a group engaged in the Sex/Gender debate fall victim is that some banks, Monzo amongst them, don't wish to offer acppunts inviting donations to campaigns. Commercial decision where, in a bank operating in a low cost environment, the regulatory/risk issues are too great. Same with so called PEP type persons. Ironically, the Chancellor of the Exchequer was declined for that reason by one of the challenger banks.

If I moved to Greece on a visa and got to stay in the EU for more than the 90 days by becoming tax resident, most UK banks would close my accounts because I was no longer tax resident. All because we wanted to leave the EU.