oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 9:23:43 GMT
I too am uncomfortable with having individuals freedom of choice being impaired because of their political views. I share Cheshire's view on Farage, and from a commercial viewpoint I can understand Coutts wanting to defend their brand and not wish to be associated with charlatans like Farage. I just wish they would be clearer in their language. Now if Farage gets turned away by multiple financial services businesses then there is more to this than meets the eye.
I do wonder if his support for loony tunes and fascist dictators over the years is coming home to roost. Quote
"Nigel Farage has named Vladimir Putin as the world leader he most admires, praising the Russian president's handling of the crisis in Syria."
Really. Syria. Gassed and bombed. Yes, really.
No wonder Coutts have sought ways to disassociate themselves from him
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Post by Nobbygas on Jul 20, 2023 10:14:28 GMT
I too am uncomfortable with having individuals freedom of choice being impaired because of their political views. I share Cheshire's view on Farage, and from a commercial viewpoint I can understand Coutts wanting to defend their brand and not wish to be associated with charlatans like Farage. I just wish they would be clearer in their language. Now if Farage gets turned away by multiple financial services businesses then there is more to this than meets the eye. I do wonder if his support for loony tunes and fascist dictators over the years is coming home to roost. Quote "Nigel Farage has named Vladimir Putin as the world leader he most admires, praising the Russian president's handling of the crisis in Syria." Really. Syria. Gassed and bombed. Yes, really. No wonder Coutts have sought ways to disassociate themselves from him And just how many dodgy people with accounts and dodgy money is floating around inside Coutt's ?
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 10:28:49 GMT
I too am uncomfortable with having individuals freedom of choice being impaired because of their political views. I share Cheshire's view on Farage, and from a commercial viewpoint I can understand Coutts wanting to defend their brand and not wish to be associated with charlatans like Farage. I just wish they would be clearer in their language. Now if Farage gets turned away by multiple financial services businesses then there is more to this than meets the eye. I do wonder if his support for loony tunes and fascist dictators over the years is coming home to roost. Quote "Nigel Farage has named Vladimir Putin as the world leader he most admires, praising the Russian president's handling of the crisis in Syria." Really. Syria. Gassed and bombed. Yes, really. No wonder Coutts have sought ways to disassociate themselves from him And just how many dodgy people with accounts and dodgy money is floating around inside Coutt's ? Oh I agree Nobby. You could expand that to the Financial Services Sector in London. The world's laundromat for dirty money.
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Post by Nobbygas on Jul 20, 2023 10:51:44 GMT
And just how many dodgy people with accounts and dodgy money is floating around inside Coutt's ? Oh I agree Nobby. You could expand that to the Financial Services Sector in London. The world's laundromat for dirty money. Oh, I wouldn't just give that label to London. It applies to all the financial centres around the world. I do laugh at a bank attempting to take the high moral ground though !
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 12:29:05 GMT
Oh I agree Nobby. You could expand that to the Financial Services Sector in London. The world's laundromat for dirty money. Oh, I wouldn't just give that label to London. It applies to all the financial centres around the world. I do laugh at a bank attempting to take the high moral ground though ! Yes indeed.
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Cheshiregas
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Post by Cheshiregas on Jul 20, 2023 16:21:59 GMT
So a PEP report, which this is, is not a PEP report because you say it isn't. It was a PEP issue and then became a commercial issue. When he moved to low PEP criteria, the commercial element kicks in. He is below the commercial measures for having an account at Coutts. As he is low PEP status, there is no justifiable reason for Coutts to step outside their commercial rules. If his account says he needs £500k to be a client and he only has £250k then he does not qualify for a Coutts account. Being a PEP he may appeal to keep the account. As he is not, he can't. They admit that to close the relationship that there would be a risk of publicity because of the nature of the man. That is, basically, he will kick off like a child who is told his toys are being taken away, which he has. They accepted that risk. Why is it a terrible decision when he doesn't meet their rules for holding an account with them? Coutts has always had restrictive rules about having a bank account with them, and I have known that since I first started work in banking in 1974. If a soldier wanted to be in the SAS and didn't meet their criteria but claimed that it would help SAS make up their diversity numbers, would you let them in? Or if a SAS let themselves go but claimed that they were still good enough to fight even if they were 50kg over weight and couldn't run but they know what to do would the Army let them stay? The only reason there is a fuss is because it's Nigel Farage, and once again people fall for his lies, smoke and mirrors. He does meet the commercial criteria. It quite clearly states that in the report. It quite clearly states that when he was moved from High Risk to Low Risk he did meet the commercial criteria. This has nothing to do with how much he had on his account. I refer to to my previous quotes. Having read through the report I refer you to the following -
Page 1 - 'Recommendation is to retain NF for now'... [he is at this time below the criteria for a Coutts customer] ...However, it was noted that NF currently has a mortgage with Coutts, which is due to expire in July 2023, and which, on a commercial basis, we would not look to renew and so would suggest winding down the connection on that basis'
Page 43 - 'I wanted to make you aware of a commercial exit decision we have made on the account of Nigel Farage. The relationship has been below commercial criteria for some time and upon review of Nigel's past public profile and connections, the perceived risks for the future weighed against the benefit of retention, the decision was taken to exit upon repayment of an existing mortgage.
In making the decision risk factors including accusations of links to Russia, controversial public statements which were felt to conflict with the bank's purpose and the possibility, speculated upon in the press and not denied, or re-entry to politics were taken into account. There is however also clearly a risk of negative publicity in exiting which was accepted.
The exit was expected to be in Q3 2023 however the mortgage has now been repaid early and the security released which is triggering an earlier notification of exit to the client.' [The latter indicating an automatic notification to the client of exit as he doesn't meet the settings limits for a client - that is 'computer says no']Once his mortgage was repaid his relationship with the Bank was no longer commercially viable nor did it meet Coutts criteria for a personal bank account. Much as you would like to believe his outcry that he was the victim and that there is some woke/lefty/EU/MI5/MI6/Labour/LibDem/etc* plot against him [*delete as appropriate], he is not and there is not. Coutts have criteria which he does not meet. Ipso facto they do not have to maintain an account for him irrespective of who he or Jacob Rees Smugg think he is.
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basel
Joined: May 2014
Posts: 3,064
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Post by basel on Jul 20, 2023 16:34:45 GMT
Grovelling apology for Nigel Farage from NatWest top brass.
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basel
Joined: May 2014
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Post by basel on Jul 20, 2023 17:34:31 GMT
I too am uncomfortable with having individuals freedom of choice being impaired because of their political views. I share Cheshire's view on Farage, and from a commercial viewpoint I can understand Coutts wanting to defend their brand and not wish to be associated with charlatans like Farage. I just wish they would be clearer in their language. Now if Farage gets turned away by multiple financial services businesses then there is more to this than meets the eye. I do wonder if his support for loony tunes and fascist dictators over the years is coming home to roost. Quote "Nigel Farage has named Vladimir Putin as the world leader he most admires, praising the Russian president's handling of the crisis in Syria." Really. Syria. Gassed and bombed. Yes, really. No wonder Coutts have sought ways to disassociate themselves from him Farage had applications for about half a dozen other banks turned down.
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 17:37:20 GMT
Grovelling apology for Nigel Farage from NatWest top brass. I read their response, it not as you characterise it
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 17:38:42 GMT
I too am uncomfortable with having individuals freedom of choice being impaired because of their political views. I share Cheshire's view on Farage, and from a commercial viewpoint I can understand Coutts wanting to defend their brand and not wish to be associated with charlatans like Farage. I just wish they would be clearer in their language. Now if Farage gets turned away by multiple financial services businesses then there is more to this than meets the eye. I do wonder if his support for loony tunes and fascist dictators over the years is coming home to roost. Quote "Nigel Farage has named Vladimir Putin as the world leader he most admires, praising the Russian president's handling of the crisis in Syria." Really. Syria. Gassed and bombed. Yes, really. No wonder Coutts have sought ways to disassociate themselves from him Farage had applications for about half a dozen other banks turned down. Source of this information
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basel
Joined: May 2014
Posts: 3,064
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Post by basel on Jul 20, 2023 18:27:39 GMT
Farage had applications for about half a dozen other banks turned down. Source of this information Nigel Farage. I would believe as he's been very public and therefore careful in what he says. See first sentence of this thread.
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basel
Joined: May 2014
Posts: 3,064
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Post by basel on Jul 20, 2023 18:50:39 GMT
Nigel has requested more information from the bank,so in about 30 days time we may have the name/s of individual/s who have been 'naughty'.
Somebody might be for the 'high jump'.Wack!
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basel
Joined: May 2014
Posts: 3,064
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Post by basel on Jul 20, 2023 19:12:45 GMT
2 weeks ago Nigel Farage tweeted that a nineth bank had now refused him their services.
Perhaps "there is more to it than meets the eye".
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 20, 2023 19:28:18 GMT
Source of this information Nigel Farage. I would believe as he's been very public and therefore careful in what he says. See first sentence of this thread. Do you believe everything he says?
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basel
Joined: May 2014
Posts: 3,064
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Post by basel on Jul 20, 2023 19:45:47 GMT
Firstly,the Government and Treasury have made a statement....
Banks are not allowed to close accounts or refuse services because of a person's political persuasion. They must give good notice before closing an account and importantly give reasons as to why the account is being closed.
Then Nigel Farage receives the written apology from Natwest boss Dame Allison Rose.Theres a coincidence.
Rose ,on the 3rd July ,was seen out with the BBC financial media man,Simon Jack. The very next day he contacted Nigel telling him details about his account.Matey boy from the BBC has gone to ground.
NF has now requested more information from the bank.They must give out this requested information within 30 days.
Dame Allison Rose's scent is giving off a certain bs feel.
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Cheshiregas
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Post by Cheshiregas on Jul 21, 2023 7:20:18 GMT
Source of this information Nigel Farage. I would believe as he's been very public and therefore careful in what he says.See first sentence of this thread. Not really Bas. He said he had not been offered an account. It appears he was offered an account with NatWest. The NatWest apology about the way the closure was handled uses the word 'reiterate' about the offer of an account with NatWest. In other words he has already been offered an account. But Nigel 'it's all about me' Farage is obviously upset he no longer qualifies for an account with the posh bank.
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Post by Nobbygas on Jul 21, 2023 7:52:43 GMT
So, a bank can close your account if they don't agree with your political opinion. If you ask them why, they won't tell you. Does anyone think this scenario is a good thing?
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Post by Nobbygas on Jul 21, 2023 7:58:56 GMT
and once again, like him or loathe him Jacob Rees-Mogg got it spot on again...
"Jacob Rees-Mogg asked: "Does my Rt Hon friend share my unease that a bank that has the Government as its largest shareholder should close the account of a senior opposition politician?"
"Will he use the Government’s shareholding to ensure there is an inquiry into these circumstances, because the subject access data request makes it clear, or certainly indicates, that it is the person concerned’s political views that led to his cancellation? And does my Rt Hon friend agree with me that however much we may find them tiresome, members of the opposition deserve bank accounts?"
The whole issue stinks.
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Cheshiregas
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Post by Cheshiregas on Jul 21, 2023 8:55:44 GMT
and once again, like him or loathe him Jacob Rees-Mogg got it spot on again... "Jacob Rees-Mogg asked: "Does my Rt Hon friend share my unease that a bank that has the Government as its largest shareholder should close the account of a senior opposition politician?"
"Will he use the Government’s shareholding to ensure there is an inquiry into these circumstances, because the subject access data request makes it clear, or certainly indicates, that it is the person concerned’s political views that led to his cancellation? And does my Rt Hon friend agree with me that however much we may find them tiresome, members of the opposition deserve bank accounts?" The whole issue stinks. Yet again, smoke and mirrors. Rees Smugg affords Farage the title 'senior opposition politician'. He is not a senior opposition politician. That is afforded to the Labour Party and others that actually have seats in the HoC. Farage has never personally won a seat in his life. He only got into the European Parliament through, ironically, the proportional representation system which Rees Smugg opposes. He is being completely disingenuous and again eroding the traditions, protocols, and rules of Parliament to support one of his far right compatriots.
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oldie
Joined: September 2021
Posts: 7,516
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Post by oldie on Jul 21, 2023 9:21:56 GMT
and once again, like him or loathe him Jacob Rees-Mogg got it spot on again... "Jacob Rees-Mogg asked: "Does my Rt Hon friend share my unease that a bank that has the Government as its largest shareholder should close the account of a senior opposition politician?"
"Will he use the Government’s shareholding to ensure there is an inquiry into these circumstances, because the subject access data request makes it clear, or certainly indicates, that it is the person concerned’s political views that led to his cancellation? And does my Rt Hon friend agree with me that however much we may find them tiresome, members of the opposition deserve bank accounts?" The whole issue stinks. Yet again, smoke and mirrors. Rees Smugg affords Farage the title 'senior opposition politician'. He is not a senior opposition politician. That is afforded to the Labour Party and others that actually have seats in the HoC. Farage has never personally won a seat in his life. He only got into the European Parliament through, ironically, the proportional representation system which Rees Smugg opposes. He is being completely disingenuous and again eroding the traditions, protocols, and rules of Parliament to support one of his far right compatriots. Indeed, another smoke screen thrown up by the likes of Rees Mogg.
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