Coutts, the bank at the centre of the controversy surrounding Nigel Farage’s bank account, is facing a significant backlash as Farage reveals that he is seeking legal advice over the alleged disclosure of his bank details to the BBC.
Nigel Farage has cut short his holiday abroad and returned to the UK amidst the escalating crisis surrounding his banking issues.
The situation has gained attention from senior politicians, including Chancellor Jeremy Hunt, who has also experienced the impact of EU regulations that impose additional scrutiny on the bank accounts of “politically exposed persons.”
Farage’s phone has been inundated with calls, and he has expressed his gratitude for the overwhelming support he has received.
While he acknowledges the government’s plans to reform the rules concerning politically exposed persons, he is frustrated that these changes will not be implemented until next year, which he considers to be of little use to him.
According to Farage, nine banks, including his original bank Coutts, have now rejected him. He has criticized the BBC for their reporting on the matter, citing claims from Coutts that they terminated their relationship with him due to his savings falling below the required £1 million threshold.
Farage expresses shock that the bank felt it was ethically or legally permissible to discuss his financial affairs with the BBC and the wider public. He states that he is currently seeking legal advice on the invasion of his privacy by Coutts.
The briefing to the BBC and the subsequent publication of the claim resulted in numerous individuals who bank with Coutts coming forward to share their experiences, revealing that they have been allowed to bank with the prestigious brand despite not having the same amount of money in their accounts.
Even BBC correspondent Simon Jack, who broke the story, acknowledged the arbitrary nature of the £1 million limit in a tweet.
Farage expresses his dissatisfaction with the bank’s conduct and reveals that he has submitted subject access requests (SARs) to Coutts. These requests allow individuals to obtain information that organizations store about them. Farage plans to share the results of some of these SARs on his GB News show.
He believes that the SARs will reveal the extent of the European Union’s reach, highlighting that it extends further than he initially thought.
Farage emphasizes that he is leading this battle not only for his own circumstances but also for ordinary Britons who are experiencing the arbitrary closure of their bank accounts.
His inbox has been filled with messages from small business owners who primarily deal in cash, reporting that their accounts have been closed by their banks due to suspicions of money laundering. Farage describes the treatment of these hardworking individuals as an extraordinary penalty.
He issues a warning, stating, “Controlling people’s money would be the ultimate form of tyranny.”