Time for a PEP talk
- Thread starter Pale Rider
- Start date
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theclaud
Reading around the chip
Tightwad, eh? Thought as much.
icowden
Legendary Member
Looking at the "dossier" in the mail, it was actually quite a well considered action. For all Farage's bluster, the document repeats several times that once his mortgage was repaid he would no longer meet the criteria of holding a Coutts account and therefore they would close it and move him to a normal account. They did consider at length the potential reputational damage of having a client like Farage and they definitely felt they were better off without him, even knowing that he would be frothing all over the media, but the predominant reason for closing his account is that he is not rich enough any more.
OP
OP
Pale Rider
Veteran
B-b-but there's a quote from the bank saying they accepted his account was profitable and worth keeping.
CXRAndy
Guru
Hardly, just pay for everything via online banking.
Ian H
Guru
The cash-only 'services' run a mile when they see him approaching.
CXRAndy
Guru
I'm sure it also says he was financially suitable.
The majority of the report was about social media comments and associated links, Brexit, Trump etc
The public statement about his financial position from Coutts was incorrect considering they had already compiled the dossier months previous
CXRAndy
Guru
I'm minted, thanks 💷💷💷💳💳 👍
CXRAndy
Guru
icowden
Legendary Member
No. What it says is that following his declassification from high risk PEP to low risk PEP, the client's EC is sufficient to retain on a commercial basis. It also says however that the recommendation is to retain NF for now, however it was noted that NF had a mortgage with Coutts which is due to expire in July 2023 and which, on a commercial basis we would not look to renew and so would suggest winding down the connection on that basis.
In other words, whilst Farage is correct that he hasn't met the banking criteria for staying with Coutts for some years, the reason they haven't previously booted him out is that he owed them money through the Mortgage. Having paid off the mortgage there is now no obstacle to moving him to a normal account in line with his financial status. Plus they find him quite odious.
icowden
Legendary Member
Angry racist throws further toys out of pram.
CXRAndy
Guru
Well he certainly caused a stir and looks likely that new regulations are coming, apparently very quickly- maybe as early as next week
https://www.theguardian.com/politic...-intervention-ministers-closed-coutts-account
https://www.theguardian.com/politic...-intervention-ministers-closed-coutts-account
CXRAndy
Guru
So you've got an issue with N Farage.
Bromptonaut
Rohan Man
- Location
- Bugbrooke, Northants
I'd bet some money that whatever Ministers come up with would not have stopped Coutts kicking Farage out.
If such rules did stop it then they'd be challenged by the banks for conflict with a truckload of regulations/principles to which they're bound
Bromptonaut
Rohan Man
- Location
- Bugbrooke, Northants
Do you actually understand the N. Farage we're discussing?
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