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Careful what you say, or you may end up without any banking facilities.

(479 Posts)
M0nica Wed 19-Jul-23 08:44:03

The DT headline news today is that Nigel Farage's bank, Coutts, unilaterally shut down his bank account with them, not, as they said originally because his assets fell below a minimum figure but because:

He doesn't align with our values He is seen as zenophobic and racist. He is considered by many to be a disingenuous grifter. Being associated with NF represents a material and ongoing reputaional risk to the bank

So now you know, we have a a new set of self-appointed censors in the land. Hold the wrong political views - and thats it, your bank account will be closed down.

And why should they stop at political views? Will the banks start closing the bank accounts of any one with contentious ethical or religious views, or because they are in the public eye for some aspect of their behaviour.

Will Huw Edwards, Philip Schofield, Katie Price, Prince Harry have their bank accounts closed down because the banks, who daily process millions, if not billions of £s for drug dealers, corrupt members of corrupt regimes, whose people starve while they stash £millions away in secret bank accounts, consider that the above named ^do not align with their values'

Who gave the banks, and when, the right to censor what we do and what we think and withdraw, that absolute essential of life today - a bank account - because someone's political or other views offend their delicate consciences?

MerylStreep Wed 19-Jul-23 08:53:14

Banks are using an Ai program to scour the social media sites that their customers use to check on what they’re posting.

Sago Wed 19-Jul-23 08:53:58

Banks are there to look after our money and act in the best interests of the shareholders not to judge their customers.

It is appalling the way Mr Farage has been treated!

I am closing my Coutts account today😉

DillytheGardener Wed 19-Jul-23 08:58:27

Nigel Farage is a ghastly man and banks aren’t obliged to serve customers with conflicting values. He can put his money elsewhere with a bank that doesn’t mind his particular brand of vitriol and hate.

fancythat Wed 19-Jul-23 09:05:31

Dilly, that sounds like a comm unist statement.

fancythat Wed 19-Jul-23 09:07:13

Before I look things up, is the Telegraph quoting Coutts, or is it it's own interpretation>

fancythat Wed 19-Jul-23 09:08:23

Coutts customers will not want to complain against Coutts any more either

fancythat Wed 19-Jul-23 09:09:46

So much of what people have been warning about, is coming true.

I am doomed anyway. I am a Christian. So I have felt free to say what I wanted for years on social media and elsewhere.

fancythat Wed 19-Jul-23 09:10:58

Well, doomed from an earthly perspective.
But not really doomed.

fancythat Wed 19-Jul-23 09:11:47

MerylStreep

Banks are using an Ai program to scour the social media sites that their customers use to check on what they’re posting.

If that happens on a larger scale, there will be two sorts of economies.

fancythat Wed 19-Jul-23 09:16:58

Social media sites may cease?
Well, only the "right" sort of comments "allowed"?

Lovetopaint037 Wed 19-Jul-23 09:20:54

I might be wrong but isn’t Coutts known for handling the Royal Family’s finances. It has always had this squeaky clean reputation and if Farage has been mouthing off about the King then it can be understood they want to disassociate themselves from him.

fancythat Wed 19-Jul-23 09:22:17

Coutts was handling royal finances in the 80s. Dont know about now.

fancythat Wed 19-Jul-23 09:25:19

www.dailymail.co.uk/news/article-12312737/Top-bank-lied-Nigel-Farage-ban-Coutts-axed-saying-wasnt-rich-emerges-believed-views-dont-align-values.html

There are other articles too

growstuff Wed 19-Jul-23 09:26:40

I'd better be careful what I say about the Chinese government.

fancythat Wed 19-Jul-23 09:30:07

Anything can be used against anyone. In my opinion.
Things that were said 10 years ago, or things said today.

fancythat Wed 19-Jul-23 09:32:30

Posters will come in and assure that that is not the case.

Either through ignorance. Or dont want to believe it. Or will minimise. Or they may even have their own agendas.

NotSpaghetti Wed 19-Jul-23 09:35:04

Do we know if this was an internal (very unwise) thing in addition to not having enough cash or was the whole reason?

fancythat Wed 19-Jul-23 09:37:08

This all assumes that the documents do say what it is being reported that they say.

Personally, I would have thought many Coutts customers will now leave the Bank voluntarily.

Foxygloves Wed 19-Jul-23 09:37:34

M0nica - I assume you are being ironic
None of us - unless I am mistaken- would count as Politically Exposed Persons so let’s not be alarmist - as happened to Jaffacake the other day grin

NotSpaghetti Wed 19-Jul-23 09:37:38

fancythat

Before I look things up, is the Telegraph quoting Coutts, or is it it's own interpretation>

Did you find out Fancy?

NotSpaghetti Wed 19-Jul-23 09:38:24

And of course he was offered Nat West...

eazybee Wed 19-Jul-23 09:38:28

The Telegraph is quoting from the 36 page dossier compiled by Coutt's wealth reputational risk committee , reporting a meeting held on 17.11.2022, as a justification for 'exiting' Nigel Farage as a customer. It included details from a 'personal banking triage team' and repeats claims made by Chris Bryant which he has refused to repeat outside parliament.

HM Treasury has said "It would be of serious concern if financial services were denied to anyone exercising their right to lawful free speech."

ronib Wed 19-Jul-23 09:39:05

I don’t understand how Coutts can claim reputational damage simply because Nigel Farage was not telling the public at first that Coutts were involved. Coutts must be breaking some confidentiality laws as well as breach of security regulations by advertising their client list. What are they thinking?

Sago Wed 19-Jul-23 09:39:18

NF requested the documents from Coutts that underlined the decision to close his account.
It is a legal requirement for banks to provide this and NF had a legal right to see the documents.
Dame Alison Rose Coutts CEO is a believer in diversity and has signed up to many Stonewall schemes.

I wonder if Nat West will close the accounts of drug dealers, sex offenders, wife beaters etc?