Coutts bank ‘dumped Nigel Farage because views didn’t align’

Coutts has been accused of cutting one of its high-profile customers because his views didn’t align with the bank’s ‘inclusive values’.

Nigel Farage during a conference in Sydney in October. Picture: NewsWire / Monique Harmer

Coutts, the prestigious British bank patronised by the royals and run by South Australian Peter Flavel, has been accused of cutting one of its high-profile customers because his views didn’t align with its “inclusive values”.

Brexit headliner Nigel Farage obtained internal bank documents from Coutts after it closed his account, showing that the bank “exited” his patronage after it had examined his social media posts, including on trans and gay rights, as well as critical newspaper reports.

In one of the posts, Mr Farage supported Novak Djokovic’s decision not to have a Covid-19 vaccine. In others he was supporting Donald Trump and promoting Brexit.

British Energy Minister Grant Schapps suggested the law may need to be changed as a result to protect freedom of speech.

“We’ll do whatever is required, but in the first place the Financial Conduct Authority needs to get a grip of this,’’ Mr Schapps said.

Bank documents revealed Mr Farage was unfailing polite to staff and had sufficient funds, but his views did not align with Coutts’ “inclusive’’ views.

The BBC and the Financial Times had in earlier reports quoted bank sources as saying Mr Farage’s account was closed because he didn’t have enough funds in it.

Mr Farage told the UK Telegraph the bank’s decision was politically motivated and emanated from a “Stasi-style surveillance report”.

“Between 2014 and 2016, when I first banked with Coutts, no problems ever arose. After Brexit became a reality, everything changed,” he said.

Coutts’ wealth reputational risk committee minutes of November 17, 2022, state: “The committee did not think continuing to bank NF (Nigel Farage) was compatible with Coutts given his publicly stated views that were at odds with our position as an inclusive organisation.”

Mr Farage said the document “reads rather like a pre-trial brief drawn up by the prosecution in a case against a career criminal. Monthly press checks were made on me. My social media accounts were monitored. Anything considered ‘problematic’ was recorded. I was being watched.

“This story is not just about me. You could be next … if this situation is left unchecked, we will sleepwalk towards a China-style social credit system in which only those with the ‘correct’ views are allowed to fully participate in society.”

On social media Mr Farage said of the bank – owned by Nat West, which is 39 per cent owned by the taxpayer: “I thought the purpose of companies was to return dividends to their shareholders, and in this case that’s you and me … we are the shareholders, but they’re more bothered about putting up rainbow flags and being popular at dinner parties in Chelsea than they are about actually making money.”

He said he had emailed Mr Flavel to demand an explanation, but had received no reply.

Since Mr Farage raised his concerns, other right-wing public figures have revealed they too have been denied bank accounts.

Tory peer Lord Michael Forsyth said his daughter was asked to move her account from Coutts because she was related to him.

Coutts said in a statement: “Our ability to respond is restricted by our obligations of client confidentiality.

“Decisions to close accounts are not taken lightly and take into account a number of factors, including commercial viability, reputational considerations, and legal and regulatory requirements.”