Nigel Farage and his bank accounts: the case that agitates the United Kingdom

2023-07-26 13:10:08

The case of Nigel Farage’s blocked accounts continues to make waves in the United Kingdom. The latest victim of this controversy is Alison Rose. The chief executive of the British banking group NatWest resigned “with immediate effect” on Wednesday July 26. The day before, she had admitted a “serious error of judgment” in evoking with a BBC journalist the banking affairs of Europhobe Nigel Farage.

“The board and Alison Rose have mutually agreed that she will step down as group chief executive of NatWest,” Howard Davies, chairman of the board, said in a statement provided to the Board. AFP.

Figure of the British far right, Nigel Farage, former leader of the Brexit Party and the anti-immigration party Ukip, had recently denounced the closure of his accounts by the very chic Coutts, bank of the late Queen Elizabeth II and subsidiary of NatWest . According to documents unveiled by Nigel Farage in a video posted on July 18 on Twitter and to which the tabloid Daily Mail had access, Coutts would have been particularly worried “about the risk to the reputation of our bank by being associated with him”.

Nigel Farage quoted in the Daily Telegrapha major conservative and eurosceptic daily, the minutes of a meeting about him, held at Coutts in November 2022. “It’s a document that looks like a Stasi report, he got carried away, in which the Brexit is mentioned 86 times and Russia 144 times.”

I now have evidence Coutts LIED to me..

In an explosive 40 page memo, “Brexit” is mentioned 86 times, “Russia” 144 & “PEP” 10.

Support for Trump + views on immigration, net zero & the vaccine are listed as reasons to exit me.

They say my account is commercially viable! pic.twitter.com/QjPCuUetu3

— Nigel Farage (@Nigel_Farage) July 18, 2023

As reminded Courrier International, across the Channel, “politically exposed persons”, or PEPs, are necessarily the subject of in-depth investigations, as they present a higher risk of contact with corruption or money laundering. From a regulatory point of view, banking establishments are however prohibited from refusing someone for political reasons, notes the French weekly. “On the other hand, they can in theory end their collaboration with a client if they believe that this one jeopardizes their reputation”, analyzes the Guardian.

Rishi Sunak steps up

Nigel Farage claims in the video posted on Twitter that the Coutts bank felt that “comments and behavior that are inconsistent with the values ​​and objectives of the bank have been demonstrated” and that he is “seen as xenophobic and racist “.

The former eurosceptic member of the European Parliament has campaigned for decades for his country to leave the European Union. He was one of the central figures in the Brexit referendum in 2016, sparking controversy by focusing his campaign on immigration. Nigel Farage, who has repeatedly failed to get elected to Parliament during his political career, is currently at the head of a television program where he slays “wokism” and the supposed “cancel culture”.

This case forced Rishi Sunak to react in person. On July 19, the Prime Minister stepped up to the plate, saying that “no one should be banned from using basic services because of their political views”.

This position was reaffirmed on Wednesday by Home Secretary Chris Philp, who expressed the government’s “deep concern” that “people are losing access to banking services because of their legal political opinions “. “Whether you agree with someone’s political views or not, they have the right to access banking services,” he added on Sky News. “We believe in freedom of expression”, in “political freedom”.

BBC’s apology

This affair arouses many reactions in the name of freedom of expression and opinion. On July 20, Alison Rose apologized to Nigel Farage. “I firmly believe that freedom of expression and access to a bank account are fundamental in our society. It is absolutely not in our policy to refuse a client on the basis of personal opinions and legal policies”, had wrote in a press release the general manager of NatWest.

The BBC also apologized for wrongly suggesting that it was not because of his political views that his accounts were closed, but because he did not have sufficient funds to remain a customer of the prestigious banking establishment. “The information on which we based our report on Nigel Farage and his bank accounts came from a reliable and high-level source. However, the information was found to be incomplete and inaccurate. I would therefore like to apologize to Nigel Farage” , tweeted BBC journalist Simon Jack.

The information on which we based our reporting on Nigel Farage and his bank accounts came from a trusted and senior source. However the information turned out to be incomplete and inaccurate. Therefore I would like to apologise to Mr Farage.

— Simon Jack (@BBCSimonJack) July 24, 2023

Alison Rose admitted in a statement that she was the anonymous source of Simon Jack and admitted “a serious error of judgment” in discussing with him “Nigel Farage’s relationship with the bank” while “thinking it was known public”.

Faced with the growing controversy, the British government announced on July 20 its intention to toughen the rules allowing banks to close the accounts of their customers. “Banks occupy a privileged place in our society and it is normal that we balance the rights of banks to act in their commercial interest and the right of everyone to speak freely,” said Treasury Secretary Andrew Griffith. , quoted in a press release.

Under the new rules announced by the government, a bank will now have to justify any account closure and give ninety days’ notice to the customer concerned so that he can file an appeal or find a new establishment.

Downing Street’s ‘serious concerns’

UK banking group NatWest has appointed current head of business and institutional affairs Paul Thwaite to replace Alison Rose for an initial period of 12 months, and will “in due course” initiate the process to appoint a permanent successor, according to a statement. . Alison Rose had been a director of the company since 2019 and had worked there for over thirty years. She was one of the few women to lead one of the companies in the FTSE 100, the flagship index of the London Stock Exchange.

In a press release published Tuesday, July 25 at the end of the day, the president of NatWest, Howard Davies, had nevertheless assured that the board of directors retained its “full confidence” in the general manager.

But Downing Street and the Department of Finance had later in the evening raised “serious concerns” about the NatWest boss’ position, and an emergency board meeting was called late on Tuesday evening. According to a Downing Street source interviewed by AFP, Prime Minister Rishi Sunak was “concerned about the situation” and “Alison Rose was right to resign”.

A “series of political positions”

This Wednesday morning, on Sky News, Nigel Farage called for the departure of all the members of the board of directors who supported the press release published on Tuesday evening, as well as the chairman of the group. The Europhobic official denounced a “culture” within the banking sector, “where they go much further than being banks”, “they have now taken a series of political positions, and seem to want to be moral arbiters” .

Nigel Farage claimed to have brought this matter to the public square because he realized “that there are tens of thousands of people who have been treated unfairly, and they have no one to speak up for them”. Claiming to have been rejected by “ten” banks, which he refused to name, Nigel Farage called for a “change of culture” and “legal changes”.

STATEMENT

Dame Alison Rose has now admitted that she is the source. She broke client confidentiality, and is unfit to be CEO of NatWest Group.

Meanwhile, Coutts CEO Peter Flavel must take the ultimate responsibility for de-banking me based on my political views.

Sir Howard… pic.twitter.com/wRipzOoJvi

— Nigel Farage (@Nigel_Farage) July 25, 2023

As specified The Associated PressAndrew Griffith, Secretary of State for the Treasury, met with Britain’s biggest banks on Wednesday morning to address concerns over customers’ “lawful freedom of speech”.