How Coutts built their contrived case to exit Nigel Farage

How Coutts built their very contrived 36-page case to ‘exit’ Nigel Farage because his ‘commentary and behaviours do not align’ with its values

• Dossier of emails show bank took issue with views including climate change
• Coutts also had concerns over Mr Farage’s links to figures including Trump
• Nigel Farage warns of ‘woke’ banks: ‘If they can cancel me, they can cancel you’ 

When Coutts’ wealth reputational risk committee met in November 2022, a report put to them said Nigel Farage had enough money to be a client of their exclusive bank.

So unable to get shot of him for financial reasons, the prestigious private bank agreed to ‘exit’ Mr Farage because his ‘commentary and behaviours do not align’ with its values.

Internal memos and emails about the leading Brexiteer show it took issue with his views on everything from climate change and migration to his support for former US president Donald Trump.

In the 36-page dossier handed to the committee, members were told of ‘adverse press’ about the ex-UKIP leader.

They even highlighted concerns over him backing tennis star Novak Djokovic’s anti-vaccination stance and sharing a clip from comedian Ricky Gervais. Posting a message online from a sitting Tory MP was also mentioned in the supposed ‘reputational’ risks of retaining his account.

Nigel Farage was viewed by Coutts as a reputational risk based on his views and links to various figures

Memos and emails obtained by Mr Farage by subject access request show him branded by Coutts as ‘racist’ and ‘xenophobic’

But the document, obtained by Mr Farage via a subject access request and seen by the Daily Mail, appears to sink its own arguments for shutting down his account.

‘Connections’ to Russia 

Page one of the document states: ‘In terms of any potential connections to Russia, NF had not been sanctioned and had no known direct/indirect Russian connections.’ Yet hundreds of references are made across numerous pages about alleged connections to Moscow, president Vladimir Putin, and the state news channel Russia Today.

READ MORE: ‘If they can cancel me, they can cancel you’: Nigel Farage warns on threat of ‘woke’ banks in exclusive Mail interview as he goes public with dossier showing Coutts axed him for not being ‘inclusive’ – and vows to ‘fight all the way’ for free speech

The dossier cites a ‘Labour MP’, known to be Chris Bryant, accusing Mr Farage of receiving £548,573 from the broadcaster in 2018. But the report later says: ‘There is no further evidence to back up the claims made.’

Mr Bryant made the claims in Parliament where he is protected by privilege and has never repeated them elsewhere. Mr Farage categorically denies such payments, stating he only ever received two fees, both under £5,000, in 2016 and 2017.

And despite condemning Mr Putin for going too far with his invasion of Ukraine, Mr Farage appears to be blamed instead for putting emphasis on the EU and Nato. In the committee’s meeting minutes, they say: ‘The paper [of claims put together by the bank] was right to mention the Russian allegations and potential Russian connections NF had, but there was nothing substantive in that regard.

‘Mr Farage was reviewed by reputational risk forum in 2018 with the paper focusing solely on NF’s alleged “Russian Ties”. At that time, the allegations were unproven.

‘There is no evidence that he has direct “connections” with the Russian political infrastructure, either through our accounts or via further investigation in the Press or the internet.’

Coutts eventually suggests that on a ‘risk mitigation’ basis, they ‘cannot find any evidence of a direct Russian regime connection aside from the payments received in relation to media work for the Russian TV channel RT’.

A 36-page document appears to undermine the private bank’s reasons for shutting down Mr Farage’s account

He’s seen as a ‘racist’ 

The Coutts document cites media reporting from the Left-wing Guardian newspaper about Mr Farage being criticised for calling energy secretary Grant Shapps a ‘globalist’, as well as general condemnation for his views on the Black Lives Matter protests.

It also calls out his endorsement of Mr Trump but adds ‘he is not alone in the media and in many cases the general public’.

The internal documents say: ‘The values NF actively and publicly promotes/champions do not align with the bank’s – at best he is seen as xenophobic and pandering to racists, and at worst he is seen as xenophobic and racist.’

But the same people admit that Mr Farage’s commentary remains within the law regarding hate speech and arguably on the right side of ‘glorifying or promoting harmful behaviour’.

Rather than being illegal or inciting hate, Coutts insists that ‘being associated’ with Mr Farage will present a ‘material and ongoing reputational risk to the bank.’ They also make reference to an article in the Independent which alleged Mr Farage was a ‘fascist’ in his school days.

Twitter activity 

The document also provides a series of social media posts and activity deemed controversial.

In these, Mr Farage criticises the then-Prince Charles, expresses a desire to leave the European Court of Human Rights and retweets a comedy sketch seen as ‘transphobic’ from Mr Gervais.

He is also called out for backing Mr Djokovic’s decision not to get vaccinated ahead of a major tennis tournament last year. One note, from May 2022, simply reads: ‘Still pro-Trump.’

Climate change 

One of the justifications for closing the account is that Mr Farage is seen as being ‘anti net-zero’.

But his views on the issues – many of which are shared by voters and MPs – were branded ‘distasteful and appear increasingly out of touch with wider society’. But they add: ‘There is no evidence of regulator or legal censure of the client.’

Polite and respectful 

On numerous occasions, Coutts stresses that Mr Farage has not done anything legally wrong and has engaged with the bank in a ‘professional’ manner.

‘While it is accepted that no criminal convictions have resulted, commentary and behaviours that do not align to the bank’s purpose and values have been demonstrated,’ they write.

The document insists ‘this was not a political decision but one centred around inclusivity and purpose’ – and they admit that his engagement has been ‘professional, polite and respectful’.

They appear more concerned with the fallout of closing his account, noting he may use ‘his platform on GB News/social media to air his grievances’.

Yet internal emails say Mr Farage’s ‘past public profile and connections’ outweigh the benefits of retaining his account. These include ‘risk factors including accusations of links to Russia’ despite the earlier admission there were no concrete connections.

12 key questions Coutts would not answer

1. How many accounts has Coutts terminated on political grounds?

2. Who agreed the political tests and ‘inclusivity values’ used to decide who can be your customers?

3. Was your chairman involved in this process, and was it approved by your board and chief executive?

4. Does it have the support of Coutts’ parent bank, NatWest Group?

5. Do other banks within NatWest Group have the same or other tests?

6. Under what process was the decision taken over Nigel Farage’s account?

7. Who compiled the report into his activities, revealed by his subject access request?

8. Who approved the decision to terminate his account?

9. Will Coutts publish its policy over political exposure and values so customers can check if they would fall foul of them?

10. Does Coutts hold accounts for any political figures or officials involved in undemocratic regimes, or territories which do not observe human rights?

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