Nigel Farage’s bank accounts: What’s it all about, and what’s the Coutts threshold?

Published

2 years ago

July 5, 2023

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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.

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.

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.

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.”

UK

Royal Navy intercepts Russian warship and tanker

Published

32 mins ago

November 23, 2025

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Royal Navy intercepts Russian warship and tanker

A Royal Navy patrol ship has intercepted two Russian vessels off the UK coast, the Ministry of Defence has said.

It comes after Defence Secretary John Healey announced last Wednesday that lasers from Russian spy ship the Yantar were directed at RAF pilots tracking it, in an attempt to disrupt the monitoring.

The MoD said on Sunday that in a “round-the-clock shadowing operation”, the Royal Navy ship HMS Severn has intercepted Russian warship RFN Stoikiy and tanker Yelnya off the UK coast in the past fortnight.

The Russian vessels sailed through the Dover Strait and westward through the English Channel, the MoD said.

HMS Severn later handed over monitoring duties to a NATO ally off the coast of Brittany, France, it said, but continued to watch from a distance and remained ready to respond to any unexpected activity.

The ministry added that the UK’s armed forces are on patrol “from the English Channel to the High North” amid increased Russian activity threatening UK waters.

Last week, Russia accused the British government of “provocative statements” after the defence secretary warned the Yantar was nearing the UK.

At a news conference in Downing Street on Wednesday, Mr Healey said the spy ship was on the edge of British waters north of Scotland, having entered wider UK waters over the last few weeks.

He said it was the second time this year the Yantar had been deployed off the UK coast and he claimed it was “designed for gathering intelligence and mapping our undersea cables”.

Mr Healey said the ship had “directed lasers” at pilots of a P-8 surveillance aircraft monitoring its activities – a Russian action he deemed “deeply dangerous”.

In a clear message to Russian President Vladimir Putin, the defence secretary said: “We see you. We know what you are doing. And we are ready.”

The ministry said while tracking the Yantar, Royal Navy frigate HMS Somerset and other civilian ships in the area “experienced GPS jamming in a further demonstration of unprofessional behaviour, intended to be disruptive and a nuisance”.

Russia’s UK embassy dismissed the accusations and insisted the Yantar is a research ship in international waters.

The defence secretary also repeated government plans to increase defence spending and work with NATO allies to bolster European security.

And he stressed how plans to buy weapons and build arms factories will create jobs and economic growth.

A report by a group of MPs, also released on Wednesday, underlined the scale of the challenge the UK faces.

It accused the government of lacking a national plan to defend itself from attack.

The Defence Select Committee also warned that Mr Healey, the prime minister and the rest of the cabinet are moving at a “glacial” pace to fix the issue and are failing to launch a “national conversation on defence and security” – something Sir Keir Starmer had promised last year.

The UK has seen a 30% increase in Russian vessels threatening UK waters in the past two years, according to the MoD.

But the ministry maintained the UK has a wide range of military options at its disposal to keep UK waters safe.

Three RAF P-8 Poseidon aircraft have deployed to Keflavik Air Base in Iceland in the largest overseas deployment of the RAF P-8 fleet so far, the MoD said.

They are conducting surveillance operations as part of NATO’s collective defence, patrolling for Russian ships and submarines in the North Atlantic and Arctic.

The operations come just weeks after HMS Duncan tracked the movements of Russian destroyer Vice Admiral Kulakov, and frigate HMS Iron Duke was dispatched to monitor Russian Kilo-class submarine Novorossiysk.

UK

Ban on Maccabi Tel Aviv fans for Aston Villa game ‘based on false hooligan claims’

Published

32 mins ago

November 23, 2025

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Ban on Maccabi Tel Aviv fans for Aston Villa game 'based on false hooligan claims'

West Midlands Police has defended the ban on Maccabi Tel Aviv fans attending an Aston Villa match after it was claimed that false intelligence was used.

Supporters of the Israeli club were barred from the Europa League fixture at Villa Park on 6 November.

West Midlands Police chief superintendent Tom Joyce told Sky News before the game that a “section” of Maccabi’s fanbase engaged in “quite significant levels of hooliganism”.

According to The Sunday Times, West Midlands Police claimed in a confidential dossier that when Maccabi played Ajax in Amsterdam last year, Israeli fans threw “innocent members of the public into the river”, and added that between 500 and 600 supporters had “intentionally targeted Muslim communities”.

The report also said 5,000 Dutch police officers had been deployed in response.

However, the Netherlands’ national police force has questioned the claims, reportedly describing information cited by its British officers as “not true” and in some instances obviously inaccurate.

Sebastiaan Meijer, a spokesman for the Amsterdam division, told The Sunday Times that he was “surprised” by allegations in the West Midlands Police report, which had linked 200 travelling supporters to the Israel Defence Forces (IDF).

Mr Meijer denied that his force had such intelligence, adding that the claim was meaningless given the country had a policy of conscription.

Also, Mr Meijer said that Amsterdam’s force “does not recognise” the claim in the British report, attributed to Dutch law enforcement, that Israelis were “highly organised, skilled fighters with a serious desire and will to fight with police and opposing groups”.

The Dutch police added that the only known case of a fan being in the river appeared to involve a Maccabi supporter. While being filmed, he was told he could leave the water on the condition that he said “Free Palestine”.

In an interview with Sky News before the game, West Midlands Police referenced disorder when Maccabi played Ajax in Amsterdam last November.

Mr Joyce said ahead of the Villa Park match: “We’ve had examples where a section of Maccabi fans were targeting people not involved in football matches, and certainly we had an incident in Amsterdam last year which has informed some of our decision-making.

“So it is exclusively a decision we made on the basis of the behaviour of a sub-section of Maccabi fans, but all the reaction that could occur obviously formed part of that as well.”

Maccabi’s visit to Birmingham came amid heightened tensions due to Israel’s war on Hamas in Gaza.

A safety advisory group (SAG) recommended that Maccabi fans should be banned from attending the fixture on the advice of the police. The ban drew criticism, and Prime Minister Sir Keir Starmer said it was the “wrong decision”.

West Midland Police’s statement in full

Following The Sunday Times report, West Midlands Police stood by its “information and intelligence”, adding that the “Maccabi Fanatics… posed a credible threat to safety”.

In a statement to Sky News, the force said: “West Midlands Police’s evaluation was based primarily on information and intelligence and had public safety at its heart.

“We assessed the fixture between Ajax and Maccabi Tel Aviv in Amsterdam as having involved significant public disorder.

“We met with Dutch police on 1 October, where information relating to that 2024 fixture was shared with us.

“Informed by information and intelligence, we concluded that Maccabi Tel Aviv supporters – specifically the subgroup known as the Maccabi Fanatics – posed a credible threat to public safety.

“The submission made to the SAG safety advisory group was based on information and intelligence which helped shape understanding of the risks.

“West Midlands Police commissioned a peer review, which was conducted by UKFPU [United Kingdom Policing Unit], the NPCC [National Police Chiefs’ Council] and subject matter experts.

“This review, carried out on 20 October, fully endorsed the force’s approach and decision-making.

“We are satisfied that the policing strategy and operational plan was effective, proportionate, and maintained the city’s reputation as a safe and welcoming place for everyone.”

Sky News has approached Dutch police for comment.

UK

Titanic couple’s pocket watch sells for record £1.78m

Published

32 mins ago

November 23, 2025

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Titanic couple's pocket watch sells for record £1.78m

A gold pocket watch that belonged to an elderly couple who drowned as the Titanic sunk has sold for a record-breaking £1.78m at auction.

The 18-carat Jules Jurgensen engraved watch was owned by first class passenger Isidor Straus, who died when the ship sank in April 1912.

He and his wife Ida were portrayed in the film Titanic as a couple who held each other as the ship went down.

When he was offered a seat on a lifeboat due to his age, he replied that he would not go before other men.

His wife refused to leave him, and the couple were last seen alive sitting on deckchairs, facing fate by each other’s side.

They were among very few first class passengers to perish in the disaster.

The watch was recovered from Mr Straus’s body along with other personal items and returned to his family.

It had been a present for his 43rd birthday in 1888 – the same year he became a partner in the New York department store, Macy’s.

The watch, which had remained in the couple’s family, was sold at Henry Aldridge & Son Auctioneers in Devizes, Wiltshire.

The £1.78m for the item is the highest amount ever paid for Titanic memorabilia, according to the company.

A letter written by Mrs Straus on Titanic stationery and posted while onboard the ship fetched £100,000.

The previous record was set last year when another gold pocket watch presented to the captain of a boat that rescued over 700 passengers from the liner sold for £1.56m.