Should Banks Be Able To Close Accounts If They Do Not Like Your Opinion

I was listening to Radio 4 in the car so not sure of the programme. It was made clear that Coutts requires a minimum of £1 million in loans or investments or £3 million in savings. Garage just kept repeating he has plenty of money in his current account….. i.e. none of the accounts mentioned. When pressed about whether he would relocate to Europe he was evasive.

I wonder where the banks would stand legally if someone challenged them.

Normally I would say that banks shouldn't be able to close your account if they don't like your views. However, in Farage's case I would make an exception

M0nica

WWM3 Despite these regulations being meant to apply to wealthy individuals from foreign countries having bank accounts here, these rules are being overused on people who have absolutely no criminal connections and wouldn't know how to launder money if they tried.

Despite all the measures you mention people are having difficulty finding out what has happened and why, and are having difficulty opening new accounts. Appeals to the Ombudsman take time - and what do you do in the meanwhile.

I am truly shocked by the complacency being shown by so many who usually know better.

I am glad Nigel Farage has brought this out in the open, however justified, or not his claim may be - and he disputes Coutts' claims.

Of course because he is Nigel Farage, it does not occur to anyone on GN to believe him. This thread is a wonderful exercise in unconscious bias and people not seeing they have it, even when it jumps up and down in front of them waving flags

This.
Well said Monica.

MaizieD

^Regardless of what anyone things of Farage - and I don't think highly of him at all - if he's being victimised for no good reason, then this whole PEP issue needs looking into.^

As far as I can make out, Farage's initial claim, which he made on various social media,(and I've seen his tweet) was that his accounts had been frozen because of his support for Brexit. He has used this to portray himself as a victim and perpetuate the leave/divide (because without that he loses his meaning in life and his time in the limelight).

It seems to me that it doesn't require a great deal of brain to work out that a bank with which has held his accounts for 30 or 40 years(depending on which story you're reading), during which time he has made his anti EU beliefs extremely clear, is going to freeze his accounts for such an infantile reason. There must be something more serious in their rationale for their action. But we will never know because of bank/client confidentiality.
The fact that he has been turned away by 9 other banks (announced by him on twitter yesterday) tells me that it is something rather more than an error, the act of an overzealous jobsworth or a political vendetta.

Must admit I've not read much about the situation MaizieD - I tend to 'zone' out when I see his name in the media. Which probably means I shouldn't comment on things I'm not clued-up on!

To suggest that he's had his account closed because of Brexit is bonkers though. If this were the case I'd imagine there'd be hundreds of high-profile Brexit supporters / campaigners being 'unbanked'.

One can only speculate... why 9 other banks have declined his custom. It's easy to blame "corporate prejudice" and he knows that he can exploit his 'victimisation' because any information given is between him and the bank(s) and the public will never know the truth.

Dickens His experience is no different form any other person less well known. Once one bank chucks you out, no other bank wants to touch you, and many other banks will not let you open a ccount with them either..

I think the system is outrageous and can best be described as being operated like a kangaroo court. The person told their account is being closed, cannot find out why and cannot defend themselves. A bit like justice in China, North Korea and Russia, and other dictatorships.

leeds22

Normally I would say that banks shouldn't be able to close your account if they don't like your views. However, in Farage's case I would make an exception

Well I wouldn't - not even in his case.

It's a dangerous route to go down.

His views are abhorrent - but unless he's breaking the Law, is a bank justified in refusing his custom?

Unfortunately, we'll only know what he decides to tell us - his interpretation of the reasons.

The information on this has changed

www.dailymail.co.uk/news/article-12262757/Nigel-Farage-lashes-Kings-bank-Ex-UKIP-leader-slams-Coutts-shutting-account.html

Farage’s continued whining about this will make it more difficult for people who have genuinely had their accounts unfairly closed to get resolutions

No I don’t think it will. It’s drawing attention to the many very ordinary people such as the much quoted vicar, who have suffered this happening to them.
I understand that many people don’t like Nigel Farage, but I don’t understand the absolute glee about this. We should all be concerned about the behaviour of the banks.

Very well said.

maddyone

No I don’t think it will. It’s drawing attention to the many very ordinary people such as the much quoted vicar, who have suffered this happening to them.
I understand that many people don’t like Nigel Farage, but I don’t understand the absolute glee about this. We should all be concerned about the behaviour of the banks.

Exactly 👏👏👏

GrannyGravy13

This is on Martin Lewis’s Twitter feed

I would agree with Martin Lewis’ erudite comments.
Just one question WHY won’t the egregious Farage name the Bank? He’s not one to be slow coming forward with slights and accusations. Could it be because if he does they might reply giving the exact reasons why ..ie: money laundering or similar? No idea myself why, but…?

www.thisismoney.co.uk/money/saving/article-12262905/All-reasons-bank-close-current-account.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_ga=2.150402358.1876728681.1676460412-amp-al3yv9KZHfphdj-DaaSSBA&_gl=1*k7yiqo*_ga*YW1wLWFsM3l2OUtaSGZwaGRqLURhYVNTQkE.*_ga_XE0XLFFF16*MTY4ODQwNDg1My4yMjE1LjEuMTY4ODQ4NDY1NC4wLjAuMA..

hallgreenmiss

The information on this has changed

www.dailymail.co.uk/news/article-12262757/Nigel-Farage-lashes-Kings-bank-Ex-UKIP-leader-slams-Coutts-shutting-account.html

Farage’s continued whining about this will make it more difficult for people who have genuinely had their accounts unfairly closed to get resolutions

Absolute B*££#@ks. Who knew this was going on before Farage brought it to our attention.

Whitewavemark2

Mine isn’t unconcsious bias i am totally consciously biased - I loathe the individual. He is no friend of Britain.

But this means nothing you write, is about trying to be just and necessarily true in life.

M0nica

Dickens His experience is no different form any other person less well known. Once one bank chucks you out, no other bank wants to touch you, and many other banks will not let you open a ccount with them either..

I think the system is outrageous and can best be described as being operated like a kangaroo court. The person told their account is being closed, cannot find out why and cannot defend themselves. A bit like justice in China, North Korea and Russia, and other dictatorships.

If a bank refuses to tell you why your account has been frozen or closed it’s more than likely because they (rightly or wrongly) suspect money laundering. To tell you in those circumstances would constitute the criminal offence of tipping off. I had to do so much money laundering training when I was practising, and things have been tightened up still more since then. With imprisonment potentially hanging over your head if you fail to spot money laundering, the mind is crystallised believe you me.

Germanshepherdsmum

M0nica

Dickens His experience is no different form any other person less well known. Once one bank chucks you out, no other bank wants to touch you, and many other banks will not let you open a ccount with them either..

I think the system is outrageous and can best be described as being operated like a kangaroo court. The person told their account is being closed, cannot find out why and cannot defend themselves. A bit like justice in China, North Korea and Russia, and other dictatorships.

If a bank refuses to tell you why your account has been frozen or closed it’s more than likely because they (rightly or wrongly) suspect money laundering. To tell you in those circumstances would constitute the criminal offence of tipping off. I had to do so much money laundering training when I was practising, and things have been tightened up still more since then. With imprisonment potentially hanging over your head if you fail to spot money laundering, the mind is crystallised believe you me.

Yes, for any other reason you are contacted.

But using Farage as an example is not the best argument, as he didn’t tell the truth.

Excessive hyperbole doesn’t help either.

Has he ever told the truth? It would be just desserts if NatWest decided they didn’t want his custom after the stink he has kicked up, blackening the name of a respected company which they own.

Metro Bank closed Our Duty International Limited's bank account. Banks can close accounts without giving a reason why.
Metro Bank is aligned with Stonewall. Our Duty International is an organisation for parents who challenge gender identity ideology.
Coincidence?
twitter.com/ourdutygrp/status/1676183710620590083?s=61&t=38dnssMfaGnDXaRjTrU1lw

It seems Farage has dropped a few bob and Coutts don't want him anymore. Nothing to do with his opinions. Hopefully he will now emigrate but I doubt most civilised countries would want him.

What is Duty International Bank? A Google search comes up with nothing and your link didn’t work, Metro couldn’t have closed the account if they didn’t own this other bank.

Germanshepherdsmum

What is Duty International Bank? A Google search comes up with nothing and your link didn’t work, Metro couldn’t have closed the account if they didn’t own this other bank.

find-and-update.company-information.service.gov.uk/company/13069796/officers

ourduty.group/

transsafety.network/posts/our-duty-uncovered/

Thanks growstuff. The Companies House details are seriously worrying. Why would anyone entrust money to this company?

Another high profile figure caught in the wokeweb.

www.dailymail.co.uk/news/article-12262157/Equalities-chief-fathers-rights-charity-UKIP-councillor-claim-bank-accounts-shut.html

This has happened to a number of figures on the right of politics. Banks should only be able to close accounts if there is evidence of criminality. The government are going to speak to the regulator about this and see about tightning up regulations so this doesn't happen in the future.