NatWest owned -private bank Coutts Bank has been heavily criticised by government ministers over its closure of Brexiteer Nigel Farage’s bank accounts.
Coutts closed the accounts because Farage’s views "did not align with its values", according to a 40-page report the former politician sent to the Mail Online.
Grant Shapps, Energy Security Secretary, described the decision as “absolutely disgraceful”, while Home Secretary Suella Braverman said: “The Coutts scandal exposes the sinister nature of much of the diversity, equity and inclusion industry.”
According to the Mail, Coutts's dossier included Farage’s retweeting of a Ricky Gervais joke and his friendship with anti-vaxxer tennis player Novak Djokovic as indications that he might be “xenophobic and racist”.
Farage told PA the stance by NatWest puts the group “at variance with the majority of their customers”.
“I think that the march of woke corporatism needs to be checked, and if it is not then we will finish up with a Chinese-style social credit system,” he said.
Coutts account holders must borrow or deposit at least £1mln or save at least £3mln to remain as customers.
Previously it had been reported that Farage’s accounts held less than the financial threshold required.
The dossier sent to the Mail, however, suggests this was not the case and that there was no justification for the closure of his accounts on those grounds.
A Coutts’ Wealth Reputational Risk Committee note dated November 17 2022, said: “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.”
A Coutts spokeswoman said: “Our ability to respond is restricted by our obligations of client confidentiality.
“Decisions to close accounts are not taken lightly and take into account a number of factors including commercial viability, reputational considerations, and legal and regulatory requirements.
“As the client has previously confirmed, alternative banking arrangements have been offered within the wider group.”