04 July 2023 , 13:40
816
0
Nigel Farage has reportedly lost his bank account because he didn't have enough money to use a private bank for super-rich clients.
The former Brexit Party and Ukip leader went on a furious tirade last week where he claimed the "establishment" was trying to "force me out of the UK by closing my bank accounts".
He said he had been given no explanation for the closure of his account at a bank which he did not name.
Mr Farage tweeted: "This is serious political persecution at the very highest level of our system. If they can do it to me, they can do it to you too."
He said he had tried to open accounts at several other banks but claimed he was rejected because he is a "Politically Exposed Person" (PEP) under money laundering regulations.
Teachers, civil servants and train drivers walk out in biggest strike in decade
Nigel Farage posted a video on Twitter from his holiday
Nigel Farage went on a furious tirade (REX/Shutterstock)Someone classed as a PEP presents a higher risk for banks as they could be more exposed to bribery and corruption due to their position and the influence they may hold.
His claims sparked a political row, triggering an intervention by Home Office Minister Tom Tugendhat, who told MPs it should be “completely unacceptable” for banks to close accounts on “political grounds”.
But the BBC has now reported that Mr Farage's account with Coutts - a private bank used by the Royal Family - had been shut down because he didn't have enough money.
Coutts's website states that "Clients are required to maintain at least £1m in investments or borrowing (mortgage), or £3m in savings."
People familiar with the decision said it was "commercial", telling the BBC: "The criteria for holding a Coutts account are clear from the bank's website."
Mr Farage was offered a standard account with Natwest instead, which owns Coutts.
The Brexit architect posted a video of his response from his holiday in France.
"Yes the bank that closed me up was Coutts. Now they say they have offered me a Natwest account but that wasn't until Thursday night after I'd blown the story up that then seven other banks had refused me. That is now nine other banks that have refused me."
He said the bank had never mentioned a wealth threshold in 10 years - and denied to him that he was classed as a PEP on Friday.
He said: "Coutts are frankly being very, very dishonest indeed."
Richard 'shuts up' GMB guest who says Hancock 'deserved' being called 'd***head'
Coutts was approached for comment by the Mirror.
* Follow Mirror Politics on Snapchat, Tiktok, Twitter and Facebook.