Coutts Have Been Telling Fibs

[retrocop]

or at least being economical with the truth. Mr Farage's account was closed for political reasons and the views Mr Farage hold do not align with Coutt's. Going under the financial threshold had little to do with their decision. I hope he takes them to court as a result of unproved malicious allegations and slurs made against him.

https://www.dailymail.co.uk/textbased/news/text-12312737/Top-bank-lied-Nigel-Farage-ban-Coutts-axed-saying-wasnt-rich-emerges-believed-views-dont-align-values.html

[retrocop]

//If Coutts refused service to NF he can take his business elsewhere. Only if banks grouped together (formed a cartel) and collectively decided to freeze him out would he have a problem. We have no reason to believe this happened.///

Ex-Brexit Party leader Nigel Farage is currently waging a furious fightback against what he claims is 'serious political persecution' by British banks.

He has claimed Coutts have closed his account and nine other banks have refused him as a customer after he was deemed a PEP.

It has emerged that Mr Hunt recently joked in Cabinet about being turned down for an account by Monzo, the online bank.

Mr Farage seized on the Chancellor's own experiences as further evidence that the Government 'must act as this is a dangerous road'.

It would appear Mr Farage was blacklisted through various spurious reasons by Coutts and the other banks(9) did act as a cartel.

[naomi24]

I believe he was rejected by nine other banks.

I doubt he’s lying - he’s no fool. That would be too easily exposed - and doubtless there are many who would just love that. All it would take is for those banks to say publicly ‘not us guv’ and to offer him a suitable account…. but they haven’t.

[naomi24]

Cross posted Retro.

[Atheist]

Naomi; If Gromit's answer about PEP's is correct, then it certainly sounds as though Farage is not a PEP. I looked at this a week or so ago and it seemed to me that he isn't a PEP.

[Peter Pedant]

malicious allegations
what ones den?
protection of Parliamentary Privilege

er explains ( the privilege word) the reason why he cant sue.

honestly, retro, AB has its periods of ( opacity - - unlucidity if that word exist)

[Peter Pedant]

the Law aspect I didnt expect
( oh,lor' says Naomi, putting her chin on her elbow)
Foo ! says TTT)

is that if a bank issues internally a SAR ( suspicious activity report) then it cant be discussed for fear of tipping off ( s333 POCA as everyone knows) - then that is an end to it
BUT
if it is found to be groundless as here - then the documents are subject to the FOI act - Data access request ( as everyone probably didnt know)

and the Nige got a document under the FOI act

coutts are being a bit coy about confidentiality - but that is true - one side can discuss and the other side be bound ( common in medicine)

[naomi24]

PP, leave me out of your manic ramblings.

[douglas9401]

Maybe they just don't want frog-faced topers on the books.

[Peter Pedant]

and we know ( OK as we have been told) that PEPs were subject to law and here is the guidance

https://www.fca.org.uk/publication/finalised-guidance/fg17-06.pdf

If he has been turned down for nine - then he is on a watch-list

[retrocop]

//If he has been turned down for nine - then he is on a watch-list//


Yes. Without justification and he isn't the only one is he?

[Old_Geezer]

As mentioned earlier, it matters not what definition of PEP you use, it's what the bank decides that's relevant.

It's been all over the papers this morning anyway, but for those missing the gist, here's a YouTube video which has commentary:

https://youtu.be/Ck4lhfMnQuo

[Gromit]

Naomi,
They could have assigned him a PEP when he was an MEP, but he successfully got his job abolished in 2016.

Being leader of a political party was not on the list.

[naomi24]

Gromit, the point is he was an MEP and leader of a political party - which is why I asked if the PEP tag still applies. If you don’t know, just say you don’t know, but I can’t see why it wouldn’t.

[Atheist]

Naomi; it might not apply once someone has left an office where he had power to influence legislation. I don't know and neither do you. By the way, I'm not motivated by hatred of or liking for Farage, or any wish to see him suffer or to thrive - just for the record.

[naomi24]

No, I don’t know atheist … which is why I’m asking.

[Peter Pedant]

As mentioned earlier, it matters not what definition of PEP you use, it's what the bank decides that's relevant.

er yes it does, it is a legal matter ( then you use the legal definition)
see the ref I gave above

I don't know and neither do you. ( afe)
No, I don’t know atheist ... the ever truthfull Naomi

oh I do - it is in the official guidance - see above (only 17 eentsy easy to read pages)

You can be an ex-PEP and they say that status should obtain 12 mo after leaving office. ( para 2.19 I think) - children, hangers on, who are PEP by reason of their (principal), cease immediately the (principal) leaves office

and did someone say the Great Man had left being and MEP in 2016? well political office prior to 2017 is specifically excluded ( see guidance somewhere) froom Peppery

so I lead you to conclude that the Nige has been excluded for something else ....

( That is not too rambly for our brightest members is it?)

[Hymie]

Naomi24 said of Farage – ‘He’s no fool.’

That’s the funniest thing I’ve read in a long time – you should add it to the jokes section.

[jno]

PEPs are PEPs because of fears that those in a position of power may be suborned into doing bad things that might reflect badly on their bankers (eg they might find themselves laundering money). If you're not in a position of power, and Farage isn't, then you don't qualify as a PEP.

[Peter Pedant]

it is a pity his data access request is behind a pay wall

[royfromaus]

Clearly some haven't read the documents but will make some *** up anyway.