Ministers have backed former Brexit Party leader Nigel Farage after private bank Coutts reportedly closed his account after deeming that his views do “not align with our values”.
Energy Security Secretary Grant Shapps said the prestigious financial institution’s decision was “absolutely disgraceful”, while Treasury minister Andrew Griffith said it raises “serious concern”.
Eurosceptic Mr Farage has handed the Mail Online 40 pages of documents he obtained after making a subject access request to Coutts after its decision to shut his account.
According to the report, the bank’s dossier cited his retweet of a Ricky Gervais joke about trans women and his friendship with tennis player Novak Djokovic, who was against being vaccinated against Covid, to flag concerns Mr Farage is “xenophobic and racist”.
Speaking to the PA news agency, Mr Farage said his experience has left him fearing the UK is moving towards a “Chinese-style social credit system” where only those with “acceptable views” can participate in society.
It comes as ministers refused to rule out introducing legislation to crackdown on banks closing accounts due to a customer’s political views.
Mr Shapps told Sky News the Financial Conduct Authority, the sector watchdog, “does need to do more on this”.
Asked if the law should be changed, he said: “Maybe. We will do whatever is required, but in the first place the Financial Conduct Authority needs to get a grip of this.”
The Cabinet minister added: “I don’t have to agree with everything Nigel Farage says to recognise that free speech is a very important part of our domestic life.
“What has happened with some of these banks through this regime, which is known as the PEP regime, or politically exposed people, is really actually scandalous.
It would be of serious concern if financial services were being denied to anyone exercising their right to lawful free speech
Businesses have the right to protect against reputational risks – e.g. criminal activity – but the privilege of a banking licence in a democracy should…
— Andrew Griffith MP (@griffitha) July 19, 2023
“People shouldn’t have their bank accounts closed because of their political or any other view.”
City minister Mr Griffith later tweeted: “It would be of serious concern if financial services were being denied to anyone exercising their right to lawful free speech.
“Businesses have the right to protect against reputational risks — e.g. criminal activity — but the privilege of a banking licence in a democracy should imply a duty not to ‘debank’ because you disagree with someone’s views.”
Mr Farage, who also led the Brexit-backing UK Independence Party (Ukip), said his treatment by Coutts raised issues about the culture at NatWest, which owns the 17th century bank.
He said its dossier was “prejudicial” and “full of bile”, adding: “If you are a NatWest customer and supported Brexit they probably think the same about you.”
The politician-turned-broadcaster said the stance by NatWest, under its new leadership, with Dame Alison Rose at the helm, puts the group “at variance with the majority of their customers”.
He told PA: “I think that the march of woke corporatism needs to be checked and if it is not then we will finish up with a Chinese-style social credit system.
I now have evidence Coutts LIED to me.. In an explosive 40 page memo, “Brexit” is mentioned 86 times, “Russia” 144 & “PEP” 10. Support for Trump + views on immigration, net zero & the vaccine are listed as reasons to exit me. They say my account is commercially viable! pic.twitter.com/QjPCuUetu3
— Nigel Farage (@Nigel_Farage) July 18, 2023
“Only those with acceptable views will be able to participate fully in society.
“I am effectively de-banked. How do I pay my gas bill? What have I done wrong? I haven’t broken the law.
“I happen to have an opinion on issues that are more popular outside the M25 than they are in inner London postcodes.”
The BBC previously suggested the anti-European Union campaigner fell below the financial threshold needed to have a Coutts account.
Coutts requires its customers to borrow or invest at least £1 million or save at least £3 million, according to an eligibility questionnaire on its website.
But, according to the files handed by Mr Farage to the Mail Online, officials said closing his accounts could not be justified on the basis of his wealth as his “economic contribution” was “sufficient to retain on a commercial basis”.
The minutes of a Coutts meeting reportedly go on to say: “The committee did not think continuing to bank NF was compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation.”
Mr Farage going public about his account being shut has prompted a debate about the issue.
Rishi Sunak said at the time that banks should not be allowed to close customers’ accounts because of their views.
The Prime Minister said the right to free speech has to be respected “and that should not be an excuse to close anyone’s account”.
