Nigel Farage: was former UKIP leader cancelled by Coutts?
Plight of outspoken politician throws light on question of whether banks are playing politics with their own customers
Cancel culture, already the blight of British universities, seems to be creeping into banking, said The Daily Telegraph.
Look at the plight of the former UKIP leader Nigel Farage, who says that his personal and business accounts have been closed without explanation by a bank that he has used since 1980: Coutts & Co, NatWest’s high-end private division. Farage claims that he has since tried to open an account with nine other banks, but has been rejected – a form of punishment, he suspects, for his role in Brexit.
‘Banks must not play politics’
One must be careful not to rush to judgement in such cases, said The Times. But he is not alone in apparently being targeted for violating fashionable corporate orthodoxies. An Anglican vicar in Cumbria had his bank account with the Yorkshire Building Society closed down because he’d objected to its stance on trans issues. The Free Speech Union had its PayPal accounts frozen last year. This is disgraceful. Banks must not “play politics with their own customers”.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It is indeed a good idea not to rush to judgement, said Simon Jack on BBC News. People “familiar with Coutts’s move” said that it was not a political decision, but a purely “commercial” one. Farage’s funds had fallen below the threshold required to hold an account at Coutts (£3m in savings). He has been offered a NatWest account instead.
‘Absurdly onerous regulations’
Besides, if Farage is having trouble opening a new account, it’s not a “woke conspiracy”, said Sean O’Grady in The Independent. It’s the law. Farage is a “politically exposed person”, or PEP, someone whose political role opens them up to a risk of bribery. This means that, under the money laundering regulations, banks have to vet and check their income. It is a tricky and time-consuming process; sometimes banks reject such customers, as is their right.
But these regulations are absurdly onerous, said Dominic Lawson in the Daily Mail. They affect not just MPs, diplomats, judges and so on but their families. My 28-year-old daughter, who has Down’s syndrome, was unable to open a Barclays account because her grandfather – the late Nigel Lawson – had been identified as a PEP. This is ridiculous: not a single MP has been prosecuted for money-laundering. Parliament is now pushing for an overdue change to the rules.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
When is an offensive social media post a crime?
The Explainer UK legal system walks a 'difficult tightrope' between defending free speech and prosecuting hate speech
By The Week UK Published
-
Women are getting their own baseball league again
In the Spotlight The league is on track to debut in 2026
By Justin Klawans, The Week US Published
-
Giant TVs are becoming the next big retail commodity
Under the Radar Some manufacturers are introducing TVs over 8 feet long
By Justin Klawans, The Week US Published
-
The clown car cabinet
Opinion Even 'Little Marco' towers above his fellow nominees
By Mark Gimein Published
-
What will Trump mean for the Middle East?
Talking Point President-elect's 'pro-Israel stance' could mask a more complex and unpredictable approach to the region
By Chas Newkey-Burden, The Week UK Published
-
Joe Biden's legacy: economically strong, politically disastrous
In Depth The President boosted industry and employment, but 'Bidenomics' proved ineffective to winning the elections
By The Week UK Published
-
How will Elon Musk's alliance with Donald Trump pan out?
The Explainer The billionaire's alliance with Donald Trump is causing concern across liberal America
By The Week UK Published
-
Netanyahu's gambit: axing his own defence minster
Talking Point Sacking of Yoav Gallant demonstrated 'utter contempt' for Israeli public
By The Week UK Published
-
Should Sonia Sotomayor retire from the Supreme Court?
Talking Points Democrats worry about repeating the history of Ruth Bader Ginsburg
By Joel Mathis, The Week US Published
-
Team of bitter rivals
Opinion Will internal tensions tear apart Trump's unlikely alliance?
By Theunis Bates Published
-
Trump victorious: 'a political comeback for the ages'
In Depth The president-elect will be able to wield a 'powerful mandate'
By The Week UK Published