I’m uncomfortable about banks - hardly organisations who can take the moral high ground most of the time - refusing to provide someone like Farage with a bank account because - it seems - they thought his opinions did not sit well with their own.
I have no sympathy for Farage’s opinions, but banks sitting in judgment on private individuals, or other legal organisations, is surely unacceptable.
Mrs P reminded me of the way students used to boycott certain banks because of their support for unacceptable regimes, links with Nestlé etc.
It seems to me there’s a difference between my boycotting a bank and a bank refusing to provide services on the grounds that it doesn’t like my (perfectly legal) opinions.
Could it also be the bank in question is the toff’s bank and they don’t want to soil their hands with lesser mortals so as not to offend their prestigious clients or in fact, have him cross their threshold.
They are a private business and aren’t obliged to take on everyone who asks, nor continue providing a service to anyone if they don’t feel like it. I’m sure he can open an account elsewhere perfectly easily.
I gather he’s been turned down by 10 other banks, but NatWest have offered him personal and business accounts…so I agree he can’t complain
I used to be involved in similar reputational discussions for clients. We were always incredibly careful to document our conclusions, but worked on the assumption we may need to disclose those to regulators, media etc…
I’m amazed at what Coutts actually wrote down as Farage has either been well advised or is very well informed and sought a Subject Access Request. That required Coutts/NatWest to disclose an embarrassing 40 pages of info/opinions that they possibly never considered would be made public.
We only have his word that it’s because of his views and we know how he’ll twist the truth to gain a platform.
Francis Coppola analysed the report he published and, while it did discuss the reputational risk that his views presented, it was quite clear that, once he’d cleared his mortgage, he would no longer provide the financial return required to maintain his accounts.
I really don’t think we can take anything at face value.
The Guardian says : “ The private bank Coutts is understood to have shut Nigel Farage’s bank account after he fell below the prestigious lender’s wealth requirements, raising questions over the Brexiter’s claims that the bank was targeting him over his political views.”
One of my friends worked for a Bank… the clients had to have at least £1m… and that was some 40+ years ago… so presumably the figure has gone up a bit since then.
thankfully, Lloyds are happy with our miniscule amount…
As someone with a long and keen interest in fintech, this is entirely a non story, or at least thankfully he’s being treated no different to anyone else in the UK. Banks are private businesses and can offer, or refuse, accounts to whoever they like. Has always been the way. There are basic bank accounts for those unable for whatever reason to access standard banking, perhaps Mr Farage, like tens of thousands, if not hundreds of thousands of others, can get a basic bank account with a nice Electron card.
There are many arguments to be made and many discussions to have about whether this is the way it should be, but the reality is none of us are owed standard banking, there’s a system in place if we can’t get it, similar to here in France, but otherwise, I’m entirely bemused why the prime minister sees fit to comment when some cretinous hate peddler has an issue but hasn’t said a peep about any other the other many people who are in the same situation as him. Absolutely bizarre.
Maybe it’s a pity that we focussed on the example rather than the principle. Would we be (as) happy if someone like Jeremy Corbyn, or Mick Lynch, were refused banking services because of his politics?
Or, to take a parallel example, if a couple of gay activists wanted a bakery to bake them a cake promoting Pride, and the bakery didn’t want to, would that be acceptable?
when it all boils down… surely a company can say yes or no…
I recall the sign over the door of the Pub in a previous lifetime … went along the lines of…
the landlord reserves the right to… blah blah blah…
