Time for a PEP talk

[Bromptonaut]

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

That sentence, in a nutshell, is my problem here.

Lots of people referring to 'many' others closing accounts but zero actual examples of it being around their political (in the widest sense) views.

What there are is cases, vented in the finance pages of the MSM, of accounts being closed for reasons of residence - particularly post Brexit - and other regulatory things. Banks are not going to comment publicly in anything more than vague/guarded terms and the regulations are drawn so that, in some cases, they cannot tell the customer either.

Some are probably regulatory overreach and others were hard decisions either way.

Need to do a bit of work now but I'll do a bit of looking later to see if Farage's Coutts file is available outwith a firewall.

 

[Pale Rider]

That sentence, in a nutshell, is my problem here.

Lots of people referring to 'many' others closing accounts but zero actual examples of it being around their political (in the widest sense) views.

What there are is cases, vented in the finance pages of the MSM, of accounts being closed for reasons of residence - particularly post Brexit - and other regulatory things. Banks are not going to comment publicly in anything more than vague/guarded terms and the regulations are drawn so that, in some cases, they cannot tell the customer either.

Some are probably regulatory overreach and others were hard decisions either way.

Need to do a bit of work now but I'll do a bit of looking later to see if Farage's Coutts file is available outwith a firewall.

I agree with much of what you say.

Part of the problem is getting 'victims' to speak out and banks to respond specifically, because they can always reasonably cite/hide behind customer confidentially.

Even my now several years retired brother was not prepared to go into much detail about his PEP activities.

I suppose a good question to ask the Royal Bank of Scotland group would be: "How many accounts have you closed for non-financial reason in the last year?"

I've picked on them because they are still partly state owned, but it's a question for the other banks as well.

 

[Deleted member 159]

That sentence, in a nutshell, is my problem here.

Lots of people referring to 'many' others closing accounts but zero actual examples of it being around their political (in the widest sense) views.

What there are is cases, vented in the finance pages of the MSM, of accounts being closed for reasons of residence - particularly post Brexit - and other regulatory things. Banks are not going to comment publicly in anything more than vague/guarded terms and the regulations are drawn so that, in some cases, they cannot tell the customer either.

Some are probably regulatory overreach and others were hard decisions either way.

Need to do a bit of work now but I'll do a bit of looking later to see if Farage's Coutts file is available outwith a firewall.

I know of multi millionaire had his accounts closed. My wife's company had one of their accounts closed. There are many incidents taking place, just because you aren't privy to the information.

Like Pale Rider suggest, would you go down the pub and say your bank accounts were closed?

The first question would be why, this would set the rumour mill going, bad debt, can't pay mortgage, fraudster etc etc

 

[Bromptonaut]

I know of multi millionaire had his accounts closed. My wife's company had one of their accounts closed. There are many incidents taking place, just because you aren't privy to the information.

Like Pale Rider suggest, would you go down the pub and say your bank accounts were closed?

The first question would be why, this would set the rumour mill going, bad debt, can't pay mortgage, fraudster etc etc

To repeat what I've said already, I don't dispute the facts that banks close accounts. Furthermore, they do so now far more frequently than used to be the case. There are reasons for that, mostly regulatory. They range through 'Know Your Customer' to residence (Brexit has moved the goalposts for this massively) through to even the slightest suspicions of money laundering and a 1001 regulatory issues.

They cock up too - mostly poor staff training and a culture where staff are punished for getting stuff wrong. Again I'm repeating myself here but the money pages of the Guardian, Mail, Telegraph etc cover examples on a regular basis.

The allegation here is that banks are refusing accounts, particularly to ordinary people, based on their politics as expressed in Social Media or elsewhere.

I'm not saying it couldn't happen to John Doe but I'm still waiting to see examples.

Farage has been a high profile figure for well over a decade. He's controversial and there are suspicions about links to Russia etc. He's not ordinary.

 

[Deleted member 159]

To repeat what I've said already, I don't dispute the facts that banks close accounts. Furthermore, they do so now far more frequently than used to be the case. There are reasons for that, mostly regulatory. They range through 'Know Your Customer' to residence (Brexit has moved the goalposts for this massively) through to even the slightest suspicions of money laundering and a 1001 regulatory issues.

They cock up too - mostly poor staff training and a culture where staff are punished for getting stuff wrong. Again I'm repeating myself here but the money pages of the Guardian, Mail, Telegraph etc cover examples on a regular basis.

The allegation here is that banks are refusing accounts, particularly to ordinary people, based on their politics as expressed in Social Media or elsewhere.

I'm not saying it couldn't happen to John Doe but I'm still waiting to see examples.

Farage has been a high profile figure for well over a decade. He's controversial and there are suspicions about links to Russia etc. He's not ordinary.

Rather a stupid action by Coutts to take on Nigel Farage.

His publicising of this issue has just created a whole set of regulatory conditions to be imposed on the banking sector.

I bet they're regretting doing this now.

 

[Bromptonaut]

Rather a stupid action by Coutts to take on Nigel Farage.

His publicising of this issue has just created a whole set of regulatory conditions to be imposed on the banking sector.

I bet they're regretting doing this now.

Ahh. Diversion.

Jury is out on whether Farage is right about Coutts.

Where are the examples of Jane Doe having her account closed for being a TERF?

You mentioned a millionarre and a business account. What reasons, if any were given?

Is either account holder a person who has made controvesial public statements.

 

[Pale Rider]

Ahh. Diversion.

Not really.

Farage has succeeded in the first aim of any campaign - getting it talked about by those who can make a difference.

In this case, that's politicians, banking regulators at the Treasury, and less importantly, the media.

By the way, the Beeb story says Farage has released 'his documents' to the Mail, so maybe there's something on there.

https://www.bbc.co.uk/news/business-66254596

 

[Deleted member 159]

You mentioned a millionarre and a business account. What reasons, if any were given?

He didn't know, the bank would not say. He had plenty of cash. He didn't push the point have multiple banks accounts.

The only one which is very recent is the vicar. You can see his interview online, the written reply from YBS. This cancellation of his accounts came literally days after sending an email to YBS. This was sent in response to their questionnaire email asking for feedback.

He stated, he thought it wasn't the banks responsibility to go about social engineering. He questioned the merchandise and being pushed in schools and was against his religious beliefs.

YBS have not denied anything

 

[Bromptonaut]

So the only example of an ordinary Joe is the YBS one?

 

[Pale Rider]

Loads of dossier stuff here, although I suspect it's mostly about the Farage case.

https://www.dailymail.co.uk/news/ar...itburo-axing-Nigel-Farages-not-inclusive.html

 

[Deleted member 159]

So the only example of an ordinary Joe is the YBS one?

The only recently published event. That doesn't mean there aren't more.

A bit late now, but write into your bank with some questions re diversity and see if you're blacklisted

 

[Bromptonaut]

The only recently published event. That doesn't mean there aren't more.

A bit late now, but write into your bank with some questions re diversity and see if you're blacklisted

Maybe more, maybe not.

IMHO if people are not popping up in number for the MSM, and Farage/YBS have been around a while, it's not happening and YBS case is an outlier.

My banks is Santander and I've investments with St James Place. Maybe I'll do some research after work.

Not sure I can be bothered writing though I doubt an inquiry as to their policies and even number of clients 'terminated' would lead to them telling me to take my deposits elsewhere.

 

[AndyRM]

It's cute seeing folk who don't have the first clue about banking defending Farage. Good for them.

 

[Pale Rider]

It's cute seeing folk who don't have the first clue about banking defending Farage. Good for them.

It's not so cute to see posters who can't contribute anything other than snippy comments.

Not so good for them.

 

[newfhouse]

So tell us again, Nigel. Should businesses be free to pick and choose their customers according to conscience?

https://www.telegraph.co.uk/news/ge...to-gay-marriage-special-legal-protection.html