Nigel Farage’s Status Shifts from Coutts to NatWest

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Coutts, the elite bank, has informed Nigel Farage that his accounts will be closed and shifted to NatWest, a high street lender.

Last week, the former leader of the Brexit party revealed that an unnamed “prestigious” bank had closed his accounts, suggesting that “the establishment” was forcing him out of the UK due to his political views. Farage confirmed on Tuesday that the bank in question was Coutts.

However, sources familiar with the matter pointed out that Coutts, previously known as the “Queen’s bank,” has financial eligibility criteria that could explain the account closure. Clients are required to save over £3 million or borrow/invest over £1 million. NatWest, as part of the same group, does not have such criteria.

According to one of the sources, Farage had already paid off his Coutts mortgage, which reduced his business with the bank below the threshold.

When asked about this, Farage responded, “You seem to know more than me.” He confirmed the early repayment of his Coutts mortgage but declined to disclose whether he now meets the criteria.

Farage believes the closure of his accounts is more likely due to his inclusion on a list of “politically exposed people,” which mandates additional checks on elected politicians and their families to prevent foreign bribery. He has garnered support from fellow right-wing politicians and newspaper columnists, and a Home Office minister has deemed bank account closures on political grounds as “completely unacceptable.”

One of the sources revealed that Coutts and NatWest have the same standards for determining whether a customer is a “politically exposed person.” The cost associated with monitoring such individuals can influence a bank’s decision to retain a customer.

Last Thursday, an official from Coutts reportedly contacted Farage at 6:55 PM after he threatened to reveal the account closure on his GB News show. Farage claims that Coutts has not provided him with a reason for closing his personal and business accounts, stating, “They said I could have a personal account at NatWest and they’d think about a business account.”

He added, “Are they backtracking? Yes. They are panicking.” NatWest has been asked to comment on the matter.

Farage mentioned that his lawyers have made “special access requests” to international ratings bodies, proving that he and his company have “politically exposed person” status.

“I asked Coutts about this on Thursday and they said they did not think I had PEP status,” he stated. “Very clearly I do.”

One of the sources close to the matter revealed that NatWest Group considers Farage a “low-risk PEP.”

Farage also mentioned that he had been banking with NatWest for 30 years, but the bank informed him that it could not provide currency services. As a former member of the European Parliament, he was previously paid in euros and was advised to move to Coutts.