Nigel Farage Launches Website to Tackle De-Banking
Nigel Farage, the former UKIP and Brexit Party leader, has launched a website called AccountClosed.org to address the issue of de-banking. This move comes after the closure of his account with Coutts, which sparked a crisis at the bank’s parent company, NatWest. Farage claimed that he was excluded from the bank due to his political views, leading to the resignations of the chief executives of both financial firms and multiple apologies.
In a short video on Twitter, Farage introduced the website, stating that it aims to “fight back against the big banks that have let us down.” He believes that by engaging a significant and powerful group of people, they can influence policymakers and regulatory bodies to implement fairer practices and stricter guidelines. Visitors to the website are invited to enter their email address to receive updates on the campaign.
Support from Senior Conservatives
Farage’s crusade has garnered sympathy from Prime Minister Rishi Sunak and Liz Truss, his short-lived predecessor. Truss expressed her support in an article for The Sunday Telegraph, stating that “heads have rightly rolled” in response to the row. She criticized the rules and risk tests for politicians, which subject elected representatives to added suspicion. Truss argued that the inability to access financial services, such as mortgages and bank accounts, could discourage individuals from entering politics.
NatWest Chairman Resists Pressure to Quit
Despite the fallout from the closure of Farage’s account, NatWest chairman Sir Howard Davies has refused to resign, citing the importance of maintaining the bank’s stability. Following the resignation of Dame Alison Rose, who admitted to being the source behind an incorrect BBC story about Farage’s account closure, a search is underway for a new chief executive. The bank clarified that the closure was due to Farage falling below the required level of wealth, not his political views. The resignation of Coutts chief executive Peter Flavel followed shortly after Dame Alison’s departure.
Overall, Farage’s website aims to address the issue of de-banking and hold big banks accountable for unfairly closing accounts. With support from senior Conservatives and a growing group of individuals, Farage hopes to influence policymakers and regulatory bodies to implement fairer practices and stricter guidelines in the banking industry.