Rose outline9/12/2023 "He is considered by many to be a disingenuous grifter and is regularly (almost constantly) the subject of adverse media."įarage is a longtime ally of former U.S. "Particularly given the manner in which he states (and monetises) those views - deliberately using extreme, hatful and emotive language (often with a dose of misinformation) - at best he is seen as xenophobic and pandering to racists, and at worst, he is seen as xenophobic and racist," it said. Part of the client analysis from Coutts contained within the 40 pages of personal data, highlighted an array of news articles alongside Farage's own media appearances and tweets, determined that the "values" he promotes did not align with the bank's. "This was not a political decision but one centred around inclusivity and Purpose."Īn update from March 10 this year noted that Farage's account had "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."įarage's politically exposed person status - conferred by British banks to high-ranking public figures who may be susceptible to bribery - was downgraded to "lower risk" as he is "no longer associated with any political party" since stepping down as Brexit Party leader in 2021. "The Committee did not think continuing to bank NF was compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation," the minutes added. The committee recommended exiting the relationship in July, but was at the time seeking to retain Farage as a client barring any "flash points" that might pose further "reputational risk."Ĭoutts said that upon expiry of Farage's mortgage repayments, it "did not have the appetite to renew his mortgage or provide banking facilities" and had therefore implemented an "exit plan" that allowed for the bank to terminate Farage's account earlier in the event of further controversy in the meantime. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria. Minutes from the Wealth Reputational Risk Committee at Coutts on November 2022 state that Farage's mortgage was due to expire in July 2023, at which point "on a commercial basis" it would not look to renew and therefore recommended winding down the banking relationship. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Farage was offered an alternative account at regular main street bank NatWest, but declined. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. He subsequently filed a subject access request to obtain a dossier the bank held on him which he then published, claiming it showed the bank account was being terminated due to his political views. taxpayer, and the political and regulatory ramifications of this episode are likely to ripple out for months to come." But NatWest is no ordinary bank, it is still almost forty percent owned by the U.K. "She will be a loss, having worked her way up the ranks and championed diversity and inclusion in the sector with a huge focus on getting more women in financial services. bank, her mistake in discussing sensitive customer details with a journalist broke a sacred trust with the British public and her decision to step down was the only viable path," said Danni Hewson, head of financial analysis at AJ Bell. "Despite a stellar performance as the first woman to take the helm of a U.K. NatWest is 39% owned by the British taxpayer following the 2008 crisis, heightening the public interest in the bizarre saga. In a statement, Rose said she remained "immensely proud of the progress the bank has made in supporting people, families and business across the U.K., and building the foundations for sustainable growth." The controversy London time Wednesday the bank announced her immediate departure by mutual consent. Initially, the board reiterated its support for her to stay on as CEO, but at 2 a.m. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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