Time for a PEP talk

[BoldonLad]

Well it's not beyond the bounds of reason.

"Mr Farage? Yes, ah good. I am calling as your account is falling well below our wealth threshold and I am afraid that unfortunately we will have to withdraw the facility. When you are able to set up a new account and have transferred your remaining funds, we will close it for you".

Some time later

"Mr Farage? Yes, Coutts again I'm afraid. I understand that there has been no progress in setting up a new account. I can offer to contact our owners, Natwest and set up an account for you there, if that would help - but we really do need to close this account. You have been aware for some time that you are not meeting out account criteria..."


It probably is. I suspect that they might let the account holder make their own arrangments first - as above.

No, it then emerges that Farage claims this is a conspiracy theory because Farage. He then makes claims all over social media and gets anyone still talking to him and in politics to stick their oar in.

And sure enough, many take the bait, and, oars are duly stuck in

 

[Bromptonaut]

Monzo reported to have refused an account to Jeremy Hunt - before he was Chancellor:

https://www.theguardian.com/business/2023/jul/09/jeremy-hunt-reveals-he-was-refused-monzo-account

Another wishy washy wokey cancelled then.....

 

[Pale Rider]

Discussing PEPs with my retired senior commercial bank manager brother I was surprised to learn he was sometimes knee deep in the ruddy things.

He worked in Birmingham, and I had wrongly thought PEPs might only be a feature in that there London.

Turns out he was involved in assessing everybody from a Crown Prince to a humble local councillor.

I think the subjective nature of the inquiries offended his precise and objective banker's mind.

For what it's worth, he reckoned a good answer to money laundering would be to ban off shore banking and accounts.

As he said, far too many companies in obscure (and often warm) locations which are turning over many millions of pounds with no indication of where the original cash came from.

 

[Pale Rider]

It seems Farage has obtained internal documents from Coutts which concede he became financially suitable after a period of not being so.

Thus the account was shut for other reasons.

Farage reckons he's received contact from lots of little people who have found themselves refused accounts for other than financial reasons.

https://www.bbc.co.uk/news/uk-66240298

 

[CXRAndy]

He's taking legal advice re Coutts and the BBC

 

[glasgowcyclist]

“He (Farage) also said there was a perception that he was regarded as "racist and xenophobic",”

Sounds accurate to me.

 

[CXRAndy]

View: https://youtu.be/C5ZQ3pC_HQU

 

[Bromptonaut]

It seems Farage has obtained internal documents from Coutts which concede he became financially suitable after a period of not being so.

Thus the account was shut for other reasons.

Farage reckons he's received contact from lots of little people who have found themselves refused accounts for other than financial reasons.

https://www.bbc.co.uk/news/uk-66240298

Is he going to publish this document in its entirety and without redaction?

 

[CXRAndy]

Why should he

Anyhow, the imminent banking review will most likely place free speech clauses in place to protect customers.

Again a person who is not a an elected politician has far more influence that government

 

[Ian H]

Can't we all just enjoy the comedy?

 

[Rusty Nails]

As someone who is always ready to give anyone who has a pop at Farage the benefit of the doubt I am quite happy to see the criticism that is now being aimed at the bank of the rich, famous and sometimes dishonest.

 

[Pale Rider]

Can't we all just enjoy the comedy?

You don't like Farage, so any difficulties he gets into are comedic.

That's fair enough, but it's a little shallow.

The real point here is lots of little people appear to have been denied accounts for non-financial reasons.

As a supposed 'man of the people', I would have thought the plight of the little people would be of interest to you.

 

[Bromptonaut]

The real point here is lots of little people appear to have been denied accounts for non-financial reasons.

As a supposed 'man of the people', I would have thought the plight of the little people would be of interest to you.

I suspect finding some comedy value in the travails of public figures whose persona and or politics we disapprove is not confined to those of us on the left.

Has anyone got a link to the complete Coutts report that I can access without subscribing to the Telegraph? As ever I like to see the whole of a document before getting too far in commenting.

As to 'little people' being denied accounts because of non-financial reasons I've yet to see any reports other than the Parson and the YBS.

 

[CXRAndy]

As to 'little people' being denied accounts because of non-financial reasons I've yet to see any reports other than the Parson and the YBS

That should set the sirens blasting.

A man of the church, being kicked out for expressing his religious views. I'm sure there are plenty of angles for discrimination, religious beliefs for starters

 

[Pale Rider]

As to 'little people' being denied accounts because of non-financial reasons I've yet to see any reports other than the Parson and the YBS.

That is what Farage is banging on about.

As I mentioned earlier, he claims to have been contacted by 'many' people who have been refused accounts for non-financial reasons.

When it happened to him, he saw a campaign opportunity with a personal angle.

What appears to have occurred is Coutts originally told Farage his account was being closed because he didn't have enough money in it.

However, a subject access request revealed they regarded the account as profitable and worth keeping, so had closed it for other reasons.

Farage's contention that people who have had accounts closed are embarrassed to speak out, and/or think they wouldn't be listened to, is credible.

Something wider than Farage does seem afoot, he's had some support from mainstream politicians, in part, I reckon. because they will have had their own PEP difficulties.

Sorry, can't help with access to the report/dossier or whatever he calls it.