‘Debanked’ political leaders Nigel Farage and Richard Tice have reacted with anger to a recent report by the Financial Conduct Authority (FCA), calling it a “cover-up stitch-up by the Establishment.” The review by the financial regulator found that no banks had reported closing accounts primarily due to someone’s political views. Instead, the most common reasons given for closing, suspending, or declining an account were inactivity or concerns about financial crime.
The investigation was launched in July after Nigel Farage had his account closed by Coutts bank, where he had been a customer for over 40 years. Farage stated that his account was closed with no explanation. Both Farage and Richard Tice, leader of the Reform Party, claimed to have been “debanked” due to their political views. They expressed their anger at the report, with Farage calling it a “whitewash and a joke” and Tice describing it as a “disgrace.”
The FCA chief executive, Nikhil Rathi, acknowledged that further work is needed to ensure the accuracy of the findings. He suggested that a debate on balancing access to bank accounts with the threat of financial crime is necessary. Rathi also raised the question of whether all individuals, businesses, and organizations should have the right to an account, as is the case in some other countries. He emphasized the potential role of robust digital identities in countering financial crime and aiding financial inclusion.
Farage’s claim of being “debanked” was supported by a 40-page memo from a Wealth Reputational Risk Committee, which listed his support for Donald Trump and his views on immigration, net zero, and the COVID-19 vaccine as reasons for exiting him. Coutts’ owner, Natwest’s chief executive, eventually apologized to Farage and promised a review of the bank’s processes.
Farage criticized the FCA’s leaked report, noting that it was leaked to the Financial Times, the same publication that incorrectly stated he had been debanked due to lack of funds. He highlighted that many other members of UKIP, the Conservative Party, and the Brexit Party had also been debanked. Farage expressed his belief that the FCA is overtly political and prioritizes diversity and inclusion over protecting customers’ money.
Additionally, Richard Tice, responding to the FCA’s report, called it a “disgrace” and a “cover-up stitch-up by the Establishment.” He demanded the resignation of the CEO, stating that they are out of touch.
The Epoch Times reached out to the FCA for comment.