Rishi Sunak slams Coutts after documents label Farage ‘grifter’ and shuts bank account

Rishi Sunak promised a crackdown on banks denying accounts to prospects based mostly on their opinions as Tory MPs condemned the closure of Nigel Farage’s Coutts account.

The prime minister led a wave of senior Tories condemning the upmarket bank for closing Mr Farage’s accounts in a row over free speech.

Mr Sunak stated it “would not be right” for the NatWest-owned lender to close an account of somebody “exercising their right to lawful free speech”.

And he stated the federal government is “cracking down on this process by tightening the rules around account closures”.

“Our new Financial Services and Markets Act puts in place new measures to ensure that Politically Exposed Persons (PEPs) are being treated in an appropriate and proportionate manner,” Mr Sunak stated.

Treasury financial secretary Andrew Griffith went additional, ordering civil servants to have a look at including free speech protections to banking licences.

Reforms being thought of would pressure banks to offer prospects three months’ discover earlier than closing their accounts and present a full rationalization, in line with a Treasury supply.

Mr Griffith stated: “It could be of great concern if monetary providers had been being denied to anybody exercising their proper to lawful free speech.

“Businesses have the appropriate to guard towards reputational dangers, eg felony exercise, however the privilege of a banking licence in a democracy ought to indicate an obligation to not ‘de-bank’ since you disagree with somebody’s views.”

And dwelling secretary Suella Braverman launched a overview of the Home Office’s personal variety insurance policies, saying the row uncovered the “sinister nature” of the “diversity, equity and inclusion industry”.

“Apparently anyone who wants to control our borders & stop the boats can be branded ‘xenophobic’ & have their bank account closed in the name of ‘inclusivity’,” she tweeted.

The row erupted after Mr Farage used a topic entry request to acquire a report from Coutts’s reputational danger committee used to justify closing his accounts.

The report confirmed Coutts made the choice as a result of his views “do not align with our values”, he claimed.

According to the information handed by Mr Farage to the Mail Online, officers stated closing his accounts couldn’t be justified on the premise of his wealth as his “economic contribution” was “sufficient to retain on a commercial basis”.

The 40-page doc confirmed the bank raised considerations Mr Farage was “xenophobic and racist”, citing his having retweeted a Ricky Gervais joke and his friendship with Novak Djokovic.

Writing in The Daily Telegraph, the previous Ukip chief stated: “I believe Coutts targeted me on personal and political grounds, for its report reads rather like a pre-trial brief drawn up by the prosecution in a case against a career criminal.”

He known as for a BBC reporter to apologise for earlier reporting that his accounts had been shut due to a scarcity of cash, and not his political opinions.

Mr Farage stated: “Will Simon Jack and BBC News be apologising for his or her reporting on this story?

“The BBC should appropriate their authentic story about me. I might be making a criticism.”

In a press release, Coutts stated: “Our means to reply is restricted by our obligations of consumer confidentiality.

“Decisions to shut accounts usually are not taken flippantly and take into account a variety of components together with industrial viability, reputational concerns, and authorized and regulatory necessities.”

But in addition to the PM and dwelling secretary, the bank got here beneath fireplace from vitality secretary Grant Shapps, who stated the closure of Mr Farage’s accounts was “absolutely disgraceful”.

He advised Sky News: “I don’t should agree with all the pieces Nigel Farage says to recognise that free speech is a vital a part of our home life.

“What has occurred with a few of these banks by way of this regime, which is called the PEP regime, or politically uncovered folks, is absolutely really scandalous.

“People shouldn’t have their bank accounts closed due to their political or some other view. And banks shouldn’t be refusing to open accounts on that foundation as nicely.

“Yet there’s a very long-running drawback inside this nation the place banks are misapplying the steering and guidelines. And not simply closing accounts, however refusing to open them within the first place, and that shouldn’t be the case.”

Former enterprise secretary Jacob Rees-Mogg stated he felt “unease” on the “cancellation” of Mr Farage by Coutts. And he known as for Mr Sunak to make use of the federal government’s shareholding to pressure NatWest to launch an inquiry into the closure.

Former dwelling secretary Priti Patel stated Mr Farage’s account closure was a “disgraceful scandal”.

Mr Farage went on to warn there’s a hazard of the UK shifting in direction of a “Chinese-style social credit system”.

On Wednesday morning he launched 40 pages of documents that he obtained after making a topic entry request to Coutts.

Mr Farage stated: “It is a document that is full of every negative thing that has ever been said about me, it is prejudicial in a way that only the metropolitan elite can do.”

He added: “I believe that the march of woke corporatism must be checked and if it isn’t then we’ll end up with a Chinese-style social credit score system.

“Only these with acceptable views will be capable to take part absolutely in society. I’m successfully de-banked. How do I pay my fuel invoice? What have I performed incorrect? I haven’t damaged the legislation. I occur to have an opinion on points that’s extra fashionable exterior the M25 than it’s in internal London postcodes.”