UK Politics

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Nigel Farage fell below the financial threshold required to hold an account at Coutts. (www.bbc.co.uk)

submitted 1 year ago by [email protected] to c/[email protected]

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TLDR 🤖

Nigel Farage, former leader of the UK Independence Party and Brexiteer, had his bank account at Coutts, a private bank for the wealthy, closed due to not meeting the required financial threshold. Farage suggested the closure was politically motivated. However, insiders familiar with the situation stated it was a commercial decision. Coutts requires customers to borrow or invest at least £1m, or hold £3m in savings. Farage was offered a standard account at NatWest, the owner of Coutts, but disputes the timing of this offer. He also reported that attempts to open accounts with other banks were unsuccessful, citing his status as a "Politically Exposed Person" (PEP) as the reason for rejections. The exact cause of the Coutts account closure remains a point of contention between Farage and the banks.

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[–] [email protected] 5 points 1 year ago

From the interview he gave to Radio 4 it appears he freely admits he doesn't meet their criteria and may never have done so. That leaves the real question open: why'd he have one in the first place?