Richard Tice, a key figure in the Brexit movement and an ally of Nigel Farage, faced rejection for a loan from a major bank due to being deemed a “reputational risk” as the leader of the Reform UK party, according to a financial document. Tice claims that his political views led to his debanking, citing an internal document from Swiss Re, which labeled his company Quidnet Capital as a reputational risk. Swiss Re’s report also mentioned that Tice was formerly a member of the European Parliament and is currently the leader of Reform UK.
Tice expressed shock at the revelation and argued that excessive bureaucracy driven by “wokeness” is hindering economic growth. He emphasized that people and businesses are burdened by this bureaucracy. Reform UK, previously known as the Brexit Party, was founded by Nigel Farage.
Earlier this year, Tice disclosed that his commercial mortgage application was rejected due to his outspoken opposition to net zero policies, which conflicted with the lender’s environmental, social, and governance (ESG) policy. ESG investing involves screening investments based on corporate policies and promoting sustainable practices. Tice, a real estate businessman and Talk TV host, did not reveal the name of the financial institution responsible for the rejection.
In a separate incident, Nigel Farage had his account with prestigious bank Coutts, which he had been with for over 40 years, closed without explanation. The bank’s Wealth Reputational Risk Committee cited various reasons for the closure, including Farage’s sharing of a tweet mocking transgenderism and his friendship with tennis player Novak Djokovic, who declined COVID vaccinations. The document also labeled Farage as “xenophobic and racist” and cited Brexit, Russia, and PEP (Politically Exposed Person) multiple times. Eventually, the chief executive of NatWest Group, Alison Rose, apologized to Farage for inappropriate comments made about him in official documents.
The British government has taken an interest in this issue, stating that it is working to prevent financial services from being denied to individuals exercising their lawful right to free speech. Prime Minister Rishi Sunak emphasized the importance of treating politically exposed persons appropriately and proportionately. The government plans to tighten rules around account closures and allows individuals to file complaints with the Financial Ombudsman Service, which has the authority to order a bank to reopen accounts.