Coutts’ grandees had been fools to half with Nigel Farage’s cash
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HE bosses of Coutts ought to cling their heads in disgrace. Oh, and so they must be fired — actually these liable for closing Nigel Farage’s account and so they method they’ve handled the predictable subsequent media storm.
This is an establishment, don’t we all know, yawn, yawn, that counts amongst its 1000’s of consumers, members of the Royal Family and different dignitaries and celebrities, some exceedingly wealthy people. It additionally counts amongst its prospects some decidedly rum characters. How do I do know? Because I’ve been with them after they’re proudly flashed their Coutts playing cards.
The remedy of Farage is ridiculous. Yes, he’s to not everybody’s tastes politically and socially. Yes, he led the Brexit marketing campaign and we’ve all been struggling ever since, together with likely Coutts and their institution and well-heeled clientele. But I’ll wager Coutts that win, I get to own certainly one of their good items of plastic, and lose, they’re welcome to the contents of my very own present account, that if they provide me with a listing of all their shoppers I can discover some decidedly extra unsavoury figures than him.
Having determined there have been at finest question-marks in opposition to Farage or at worst (and I can’t assist considering that is extra possible) their minds had been made up and so they sought proof as to why he shouldn’t financial institution there, they commissioned a 40-page report. As if that was not going to need to be revealed in response to a proper Subject Access Request or SAR from Farage.
That’s precisely what occurred, and bingo, Farage, a grasp in relation to self-publicity, has all of the ammunition he wants. To say the content material is crass and naive is to provide it extra credit score than it deserves.
The so-called research jogs my memory of years in the past once I was handed a report from a number one company intelligence company which imparted the gorgeous data that X, the topic of the doc, lived at quantity 21 in a London West End road, and at 23 resided Y, somebody with suspected hyperlinks to doubtful City dealings. OMG. They’re next-door neighbours. Red alert! There’s the proof we’re looking for. On that foundation, the individuals by the wall of Fred West’s gaff at 25 Cromwell Street, Gloucester would nonetheless be within the slammer.
In truth, it makes me surprise if somebody from such an over-claiming, over-sold agency was not liable for the stuff written about Farage. But then that may entail the financial institution paying for it, which pricey God, I hope isn’t the case.
Apparently, Farage introduced with him “risk factors including… controversial public statements” which conflicted with the financial institution’s function. Eh? You don’t say. Brexit was talked about 86 occasions and Russia 144 occasions, in addition to help for Donald Trump and his views on internet zero, immigration and the Covid vaccine.
What’s actually happening right here is that banks, not simply Coutts, have been turning away individuals they really feel may trigger them embarrassment if it was talked about the place they banked. So, these holding views the banks deem awkward have been barred from opening accounts or instructed to take their enterprise elsewhere. It’s a mad, stunning, unjustifiable apply — the results of the deeply conservative, publicity-shy banks being terrified of changing into caught up in some woke-induced press and Parliament blitz.
Banks barring crooks laundering their soiled money is one factor, however that is fairly one other. It’s an abuse of free speech. I don’t maintain a candle for Farage, can’t abide lots of his beliefs or his associates, want desperately that he’d not pushed so noisily and unjustifiably for us to exit the EU, however I don’t begrudge him the correct to make use of an ATM or a financial institution card or deposit his money.
Theirs is a loopy development that should stop, and due to the fuss surrounding Farage, it seems as it is going to.
Coutts, although, ought to take a protracted take a look at itself, not simply in relation to the 40 pages of hysteria. When Farage first claimed he’d been excluded for his ideological face not becoming, studies had been revealed saying he was incorrect, it was right down to him not fulfilling Coutts’ strict monetary standards. There was a component of that, subsequently, after the transfer in opposition to him was taken, when Farage’s circumstances modified. Nevertheless, Coutts needs to be asking who briefed in opposition to him.
They ought to search out out because the financial institution is now saying it might probably’t talk about his case as a result of it might go in opposition to shopper confidentiality. Well, that didn’t stop the strategies being made that he was not wealthy sufficient. It’s additionally nonsensical for Coutts to proceed to shelter behind that reasoning, since Farage has been furnished by them with their 40-page file about him.
If I used to be fortunate sufficient to financial institution at Coutts I might be asking if a financial institution that behaves so moronically as this may be trusted with my cash.
Chris Blackhurst is the creator of Too Big To Jail: Inside HSBC, the Mexican drug cartels and the best banking scandal of the century (Macmillan)