Nigel Farage’s bank accounts: What’s it all about, and what’s the Coutts threshold?
Nigel Farage has had his account with prestigious bank Coutts closed.
The Brexit campaigner has been told by his exclusive bank Coutts – a favourite of the Royal Family – that they no longer want him as a customer.
Mr Farage claimed in a video on Twitter this was due to him being a “politically exposed person” or PEP, and said closing his bank accounts was part of a plan to force him out of the UK.
According to a BBC report, the bank doesn’t want his custom because he does not have enough money in his accounts.
Here’s what you need to know about Mr Farage’s battle for a bank account, what a PEP is and what it means for banking.
What has Nigel Farage said about his bank accounts?
Mr Farage last week said a bank – now confirmed as Coutts – had decided to stop doing business with him.
He said a letter from the bank contained no explanation and he had then been told over the phone it was a “commercial decision”.
In the six-minute video posted on Twitter, he said losing his bank account was the equivalent of being a “non person” and that the decision may “fundamentally affect [his] future career and whether [he] can even go on staying living here in this country”.
“The establishment are trying to force me out of the UK by closing my bank accounts,” the caption read.
In a second Twitter video, he said he had been rejected from having bank accounts by nine different companies.
He said NatWest, the owner of Coutts, offered him an account after his announcement last week, but it was not suitable because it was a personal and not a business account.
Farage claimed banks did not want him as a customer due to him being a “politically exposed person”, or PEP.
Please use Chrome browser for a more accessible video player
Farage: Coutts are being ‘very dishonest’
What does being a PEP have to do with banking?
A PEP is someone who is in public office and is therefore more susceptible to corruption or bribery.
PEPs include MPs, ministers, members of the supreme court, and their family members.
Banks have to carry out extra checks on PEPs to prevent bribes or corruption being passed through their accounts.
They can refuse to take on PEPs as clients because of the extra work they create.
Is Nigel Farage a PEP?
Mr Farage claimed Coutts said they were not sure if he was still a PEP.
But after doing a subject access request with credit agencies, the ex-MEP said he was told he is a PEP for both personal and business accounts.
Is that why Nigel Farage had his bank account closed?
Not according to people familiar with Coutts.
A report in the BBC said sources close to the decision said it was a “commercial” move.
The prestigious private bank requires clients to have at least £1m in investments or borrowing – including a mortgage – or £3m in savings.
Mr Farage reportedly feel below their wealth threshold.
Asked by Sky News about the minimum limit, Mr Farage did not deny his funds did not reach the criteria, but said “no threshold has ever been mentioned to me”.
The bank, founded in the late 17th century, has links with the Royal Family dating back to George III.
Coutts has refused to comment, but it is understood the bank makes decisions about whether to end a relationship on commercial viability, reputational reasons or legal or regulatory requirements.
Please use Chrome browser for a more accessible video player
‘You can bank at NatWest, Nigel’
What about claims Nigel Farage received money from Russia?
Mr Farage said in his Twitter video that claims he had received money from Russia could have resulted in the account closure.
He said the “only explanation I can think of” for the decision was a claim made by Labour MP Chris Bryant in the House of Commons that Mr Farage had received nearly £550,000 from Kremlin-backed TV channel RT.
Mr Farage has categorically denied the claims by Mr Bryant – which were made under the protection of parliamentary privilege and which he has not repeated outside the Commons.
“The truth is I’ve never received any money from any sources with any link to Russia,” Mr Farage said.
Read more:
‘You can bank at Natwest or HSBC like the rest of us, Nigel!’
Farage: ‘The Tories have betrayed Brexit’
What has the government response been?
MP Andrew Griffith, Economic Secretary to the Treasury and City Minister tweeted: “Banks should not be closing people’s accounts solely due to their status as a politically exposed person.”
He said he had written to the Financial Conduct Authority asking them to prioritise their review on this – although it has still not been established whether Mr Farage’s status as a PEP has anything to do with his account closure.
The Treasury said it was already looking into whether banks were being too rigorous in how they handle PEPs, and making sure UK-based politicians were treated as less risky than those in other countries.
A Treasury spokesman said: “It would be a serious concern if financial services were being denied to those exercising the right to lawful free speech.
“We are already looking into this issue and have passed a law that requires the FCA to review how banks treat PEPs – so we can strike the right balance between the customer’s right to free speech and the bank’s right to manage commercial risk.”
Victims of grooming gangs and modern slavery are being denied compensation by a government scheme because of their criminal records, Sky News has learned.
Analysis of official figures by Sky News’ Data & Forensics team shows more than 11,000 victims of crime over the last decade have been denied payouts because of their unspent convictions, including children.
The Criminal Injuries Compensation Authority can award money to victims of violent crime, including sexual abuse.
It is the only government compensation scheme for victims – for those unable to work due to injuries, the money can be vital.
But, if an applicant has a criminal record, they are automatically refused compensation with limited exceptions.
Those with unspent convictions sometimes receive reduced sums.
Sky News has found that at least 130 children with criminal records have received reduced awards over the last 10 years, including 50 victims of sex abuse, four victims of brain damage, and one child who lost sight in an eye.
This rule on unspent convictions is based on the idea that public funds should only compensate blameless victims of crime and not, for example, a gang member who was injured in a fight.
But many argue the policy punishes those who have been forced to offend by exploiters, as well as victims of child sexual abuse.
‘I was frustrated that I wasn’t being believed’
Arthur Sherry, 43, from Perranporth in Cornwall was regularly abused by his babysitter from the age of five, including suffering rape.
In 2008, he reported it to Devon and Cornwall Police, alongside two other victims. He alleges the police did not believe him, and charges were not brought against his abuser.
Arthur Sherry, who was abused as a child, says he was denied compensation because of his criminal record
Arthur became angry and descended into addiction as a “coping mechanism”, becoming suicidal, and was repeatedly arrested for minor offences, such as making false calls to the emergency services.
“I wasn’t getting support from any agencies, and no one asked me, ‘Why is this man ringing the emergency services all the time?'”
“It was a cry for help. I was frustrated that I wasn’t being believed.”
Eventually, Arthur’s abuser, Shaun Burton, was convicted of multiple offences against children, including 11 counts of indecency with a child in relation to Mr Sherry.
But when Arthur, who suffers from complex PTSD, subsequently tried to make a claim through the Criminal Injuries Compensation Authority in 2013, it was rejected because of his criminal record and because he submitted his application beyond CICA’s time limit.
He was not allowed to appeal the decision.
Arthur, aged 12 in the picture, was regularly abused by his babysitter, Shaun Burton, from the age of five
Many survivors of grooming gangs have criminal records due to being exploited and coerced.
While the government recently announced plans to disregard child prostitution convictions for these victims, many are urging authorities to go further and pardon all related offences.
Former victims’ commissioner Dame Vera Baird said: “They were not exercising their own free will and voluntarily committing crime, so there should be a discretion to look at that and say, ‘No, that wasn’t their fault’.
“They should get compensation for all the evil that was done to them by that gang.”
In 2022, the Independent Inquiry into Child Sexual Abuse recommended that the government amend the Criminal Injuries Compensation Scheme so that “applicants with unspent convictions are not automatically excluded where offences are likely to be linked to the circumstances of their sexual abuse as a child”.
The government has refused to act on this recommendation.
However, Labour MP Sarah Champion has tabled an amendment to the upcoming Victims and Courts Bill, hoping to implement it, as well as widen eligibility to the scheme.
“Victims are seen as running a cannabis farm and get a conviction, before it actually turns out that they were a victim of modern slavery.
“These people, who are very clearly recognised as victims and survivors, aren’t getting the money that’s owed to them. The system is broken and the ministers need to get rid of it.”
‘I was frustrated that I wasn’t being believed,’ Arthur tells Sky News’ Alice Porter
Read more from Sky News:
Wintry blast ‘could be a dry run for a cold December’
What does Trump’s Gaza peace plan look like?
A government spokesperson said: “Last year, more than £164m was paid out under the Criminal Injuries Compensation Scheme to victims, and we are going further by removing the time limit for civil personal injury claims and doubling Home Office funding for services supporting adult victims and survivors of child sexual abuse.
“Changes to the way we compensate victims have been considered by successive governments, and our priority must always be to treat all victims of violence equally.”
Devon and Cornwall Police said: “Tackling sexual offending is a key priority for Devon & Cornwall Police and we are working hard to bring offenders to justice.
“We take reports of all sexual offences seriously and will carry out thorough investigations into reports, looking at all viable lines of enquiry.”
Nathan Gill was at Manchester airport, about to board a flight to Russia, when accepting bribes finally caught up with him.
Gill, the former leader of Reform UK Wales and a one-time member of the European Parliament, who on Friday was jailed for 10-a-half-years, was stopped by police before boarding and had his phone seized in 2021.
While they interrogated him, his home in Anglesey was raided, with detectives discovering more electronics and cash piles of €5,000 (£4,400) and $5,000 (£3,800) respectively.
Nathan Gill being questioned. Pic: Met Police
The evidence on Gill’s phone would damn him – he was in contact with a pro-Russian politician in Ukraine, Oleg Voloshyn, and had agreed to boost pro-Russia viewpoints in exchange for money.
Voloshyn would dictate the statement, and Gill would repeat it – in some cases, almost word for word – in the media or the European Parliament.
In one instance, Gill appeared on the now-banned Ukrainian TV channel, 112 Ukraine, which was known for its pro-Russian stance.
In the interview, he was critical of the Ukrainian decision to open criminal proceedings against Viktor Medvedchuk, the owner of the television channel and a personal friend of Vladimir Putin.
Nathan Gill. Pic: Met Police
Speaking to the outlet, he said he was “very concerned” about the investigation, and wondered whether it was meant to silence “opposition politicians”.
Prosecutors said messages on Gill’s phone showed that this was at his paymaster’s instruction, with Voloshyn offering a “reward” if he would say that it was unacceptable to persecute a person for their political convictions.
Read more:
Reform UK’s former Wales leader jailed
Trump’s 28-point Ukraine peace plan in full
Voloshyn also offered the MEP €2,000 (£1,750) if he would express concern that Mr Medvedchuk could no longer mediate with Russia on Ukraine’s behalf, the court heard.
He added that “V” – understood to be Mr Medvedchuk – did not believe Ukrainian President Volodymyr Zelenskyy had “true intentions to pursue a peace agenda”, prosecutors said.
Bundles of cash were recovered from Gill’s home. Pic: Met Police
Sure enough, Gill appeared on 112 Ukraine saying it was “very sad” that Mr Medvedchuk felt he no longer had Mr Zelensky’s backing to act as a mediator with Russia, and suggested that using him “would be a sensible thing to do”.
The messages traded in innuendo, referring to the exchange of “Xmas gifts” or “postcards” instead of money.
But as the pair grew more comfortable with each other, they bargained more explicitly, with the sum of “£5k” quoted for Gill’s work.
Dominic Murphy, head of Counter Terrorism Command at the Met Police, said Gill had also offered access to other MEPs.
“This is where we get into that slightly odd situation where it feels very much like a real effort to undermine democracy here,” he said.
“This is Nathan Gill reaching out to individuals that he knows, who are Brits, who might be willing to be paid to go and make speeches.”
Commander Murphy declined to name names, but said there was an ongoing investigation and that other people had been spoken to.
None of the pro-Brexit MEPs Gill allegedly approached have been interviewed under caution.
Pic: Met Police
Police confirmed there was no evidence to suggest Reform UK leader Nigel Farage was involved.
Gill was stopped at Manchester Airport on 13 September 2021, under schedule 3 of the Counter Terrorism and Borders Security Act 2019.
He offered police no explanation for his actions and answered no comment in a March 2022 police interview.
But the 52-year-old is believed to have had financial problems.
Mr Murphy added that while Gill appeared to have pro-Russian sympathies, he was primarily motivated by money.
The ex-MEP has been jailed for 10-and-a-half years after pleading guilty to eight counts of bribery between December 2018 and July 2019.
Following an investigation by counter-terrorism police, officers said they believe Gill likely took a minimum of £40,000 in cash and was offering to introduce other British MEPs so they could be bribed.
Voloshyn was picked up by the authorities on a trip to the US in 2021, which enabled the FBI to discover his end of the conversation.
He is now believed to be in Russia, but has been sanctioned by the UK government over allegations of trying to destabilise Ukraine.
Nathan Gill pleaded guilty to eight counts of bribery over pro-Russian statements. Including to media outlet 112 Ukraine. Pic: Met Police
He remains wanted in both Britain and Ukraine.
A Reform UK spokesman said: “Mr Gill’s actions were reprehensible, treasonous and unforgivable.
“We are glad that justice has been served and fully welcome the sentence Nathan Gill has received.”
Mr Farage, the Reform UK leader, said: “An investigation into Russian and Chinese influence over British politics would be welcome.”
The MP for Clacton previously described his former colleague as a “bad apple” and said he was “shocked” after Gill pleaded guilty to eight counts of bribery.
He said: “Any political party can find in their midst all sorts of terrible people.
“You can never, ever guarantee 100% that everyone you meet in your life, you shake hands with in the pub, is a good person.”
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment3 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024