Nigel Farage wants to "build a powerful lobby group" to get back at banks that "de-bank" customers
By ethanh // 2023-08-16
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Upset about he and his family being "de-banked" by Coutts, a British bank for wealthy clients, former member of the European parliament Nigel Farage is trying to build a "powerful lobby group of powerful" people to tackle what he described as the "major national scandal" of de-banking. The former UKIP leader launched an entire website about the matter as he aims to hold the United Kingdom's financial giants accountable for canceling certain clients' bank accounts simply because they hold different political views than Coutts' leadership does. In an interview with The Telegraph, Farage hawked his AccountsClosed.org website, the stated purpose of which is to identify the primary reasons why some people's bank accounts are being canceled. The site also highlights which banks are the "worst offenders." (Related: Farage and his supporters want to strip the licenses of all banks that cancel conservative politicians.)

Should banks be allowed to shut down people's accounts for being too politically connected?

According to The Mail, banks in the U.K. are now shutting down more than 1,000 accounts every working day. In Farage's case, his was shuttered because of his political views, which led to the resignation of Dame Alison Rose, the CEO of Coutts parent bank NatWest, as well as the resignation of Coutts CEO Peter Flavel. "I'm beginning to have the impression this is much, much bigger than any of us could have contemplated," Farage told The Telegraph. "This is about the right to free speech, about having a country where people are treated fairly in an age when you frankly can't function on a personal level, let alone a business level, without a bank account." Farage says he has identified "dozens" of reports from other people, including several small businesses, who have had their accounts closed for things like trading in cash, which is not even illegal. On Farage's AccountsClosed.org website, it is explained that the purpose of the initiative involves "advocating for the consumer rights of individuals and small medium businesses who have faced unjust treatment from banks and financial services companies, particularly when their accounts have been abruptly closed and essential services withdrawn." "We stand united to make a difference in the lives of those affected and seek to bring about positive change in the U.K. financial landscape," the site further states. AccountsClosed.org was founded as an "unincorporated association by a group of legal and finance professionals" who have a "wealth of expertise and experience in dealing with financial matters and consumer rights." In 2016, less than 50,000 bank accounts were closed in the United Kingdom. Last year, that figure ballooned to almost 350,000 – and it is still growing year after year. The offending banks in question are estimated to have categorized nearly 90,000 individuals as "politically exposed persons" who should not be allowed to hold bank accounts. These individuals include members of parliament (MPs) and other figures deemed to be at risk of abusing their positions for private gain. NatWest, which is 39 percent taxpayer-owned, was found to be the U.K. bank with the highest number of complaints about its decision to close people's bank accounts. Barclays is also listed as a top offender. According to Farage, "every option is on the table" as far as taking legal action against NatWest, which also shared his personal information. "Nobody with profile who has been de-banked has come forward," Farage added. "Two reasons: one, a sense of shame, humiliation and embarrassment, but, secondly, it would damage their prospects of getting any other bank account." "But what I've learnt is this – it isn't just high-profile people with strong opinions that are being closed down by banks that have become completely politicized in the most extraordinary way." Learn more about the politicization of banking at Tyranny.news. Sources for this article include: DailyMail.co.uk Newstarget.com
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