Farage Bank Closure: BBC Amends Story, Coutts Apologizes

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Facts

  • On Thursday, the BBC amended its story concerning Coutts Bank's closure of British politician Nigel Farage’s account, having been criticized for its reporting on the matter based on evidence obtained by Farage.1
  • On July 4, BBC business editor Simon Jack published claims that Farage was removed as a client of Coutts due to his financial situation rather than his political stances. The BBC has now clarified that the claim stemmed from an anonymous source in the article's title and included an update on a Coutts report acquired by Farage.2
  • The news comes after the CEO of NatWest — the owners of Coutts — apologized to Farage after he obtained documents from the bank confirming that his account was shut down for ideological reasons.3
  • In the letter to Farage, NatWest CEO — Dame Alison Rose — stated that the comments within the 40-page internal report did not “reflect” the views of the bank.4
  • In response, Farage claimed that the apology was “a start,” promising to continue campaigning against what he has claimed to be banks attempting to suppress freedom of speech.5
  • The report obtained by Farage had accused the former UK Independence Party leader of “xenophobic, chauvinistic and racist views.” The news comes after the UK government announced that banks would have to “explain and delay” decisions to close bank accounts.6

Sources: 1Guardian, 2Express.co.uk, 3Sky News, 4Daily Mail, 5Evening Standard and 6POLITICO.

Narratives

  • Left narrative, as provided by FT. It's ironic that payment regulations upholding Farage’s right to hold a bank account, regardless of his political opinions, stem from a European charter. However, the reality is that — whether right or wrong — Farage wasn't worth the hassle for Coutts. If there is any bright side, it's that Farage will not have the problem of being a 'politically exposed person' next year, having not won a seat in an election for a rather long period of time.
  • Right narrative, as provided by Spectator (UK). Political discrimination is alive and well in the banking sector, and Coutts must pay for its behavior. Targeting of figures such as Farage seems to be rife throughout a plethora of banks, and tough questions should be demanded of the entire financial sector. It's a dangerous precedent to try and put a barrier between those we disagree with and their everyday necessities, such as a bank account, and this action should be condemned by all sides.