Farage debanking an outlier, reckons City watchdog’s investigation
There is no sign of systemic ‘debanking’ of political figures such as Nigel Farage, a report undertaken by the City watchdog is expected to reveal as soon as this week.
The Financial Conduct Authority launched a deep dive into the banking affairs of high-profile politicos after Nigel Farage was ‘debanked’ by Coutts over his political views.
But reports emerged last night that the FCA’s report will conclude there have been no other examples of the practice.
The FT first reported the story.
The FCA declined to comment.
Banks were asked to submit data to the regulator around their high-profile clients after the debanking of Farage indirectly led to the resignation of the boss of Natwest – which owns Coutts – Dame Alison Rose,
Coutts CEO Peter Flavel was also forced to step down.
Nigel Farage told the FT that the conclusions of the report, which is yet to be published, were “farcical.”
“There are plenty of examples of prominent Brexiteers being debanked. The FCA is part of the problem,” he added.
Banks are obliged to do more due diligence and ‘know your customer’ checks on people close to political power, known as politically-exposed persons.
This can often result in extra paperwork for banking clients.