Bank apologises to Nigel Farage as government tightens rules on account closures

Private bank Coutts has apologised to Nigel Farage for closing his bank accounts, describing its assessment of him as ‘deeply inappropriate’. The U-turn comes as the Treasury announced it will tighten rules on when and how a person’s account can be closed, in an effort to protect ‘freedom of expression’. Under new regulations announced on Thursday, banks will have to spell out why they are terminating an account, and give customers a notice period of 90 days. The change aims to give account holders more time to challenge decisions with the financial ombudsman. It was revealed this week that Coutts, an exclusive private bank, decided to terminate Mr Farage’s accounts after noting that his views ‘do not align with our values’ – though they offered him a normal account with NatWest. But in a letter published on Thursday, chief executive Alison Rose said that ‘legally held political and personal views’ are no bar to having an account at the institution, and profusely apologised to the arch-Brexiteer. ‘I am writing to apologise for deeply inappropriate comments about yourself made in the now published papers for the wealth committee. I would like to make it clear that they do not reflect the view of the bank,’ she said in the letter. ‘I believe very strongly that freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views.’ The apology comes after pressure from senior Conservative politicians over the decision. Rishi Sunak’s press secretary told reporters on Wednesday that it would be ‘incredibly concerning and wrong’ if Mr Farage’s accounts were closed because of his political opinions. Coutts, an exclusive private bank, has come under pressure from senior Conservatives And former Brexit secretary David Davis said the move amounted to ‘thinly veiled political discrimination’ and called it a ‘vindictive, irresponsible and undemocratic action’. The Financial Conduct Authority has also said it will discuss the situation with NatWest, which owns the private bank. Mr Farage, a former leader of Ukip and the Brexit Party, says he made a subject access request in order to obtain documents from Coutts’s reputational risk committee that set out the justification for the closure of his accounts. The 40 pages of documents are reported to have raised concerns over a perception that Mr Farage is ‘xenophobic and racist’. The changes to the banking rules announced by the Treasury today have been in the works since January, when the government issued a ‘call for evidence’ in updating the payment services regulations. Tony Blair (left) speaks with Labour leader Sir Keir Starmer during the Tony Blair Institute for Global Change’s Future of Britain Conference in central London PA David Barber, the King’s Swan Marker, examines a swan during the annual census of the swan population along sections of the River Thames Reuters Spain’s Carlos Alcaraz holds the winner’s trophy after beating Serbia’s Novak Djokovic during their men’s singles final tennis match on the last day of the 2023 Wimbledon Championships AFP/Getty Tunisia’s Ons Jabeur is interviewed in the Media Theatre in the Broadcast Centre after her defeat in the final of the Ladies’ Singles on day thirteen of the Wimbledon tennis championships in London PA Wire His Majesty The King’s Coronation Ensemble and Her Majesty The Queen’s Coronation Ensemble, during a photo call for the new Coronation display for the summer opening of the State Rooms at Buckingham Palace. PA Beavers are released by the National Trust at Wallington estate in Northumberland in a project to improve local biodiversity and mitigate the effects of climate change PA People hug as they admire Submergence inside Propyard, Bristol, where a 20,000 sq ft immersive art installation, curated by art collective Squidsoup, titled Beyond Submergence, is being exhibited PA Tracy Seven with a Beef Shorthorn as she prepares her cattle ahead of the Great Yorkshire Show at the Showground in Harrogate, which opens to the public on Tuesday. PA Mark Wood, right, celebrates with Chris Woakes, left after England won the third test match in the series AFP via Getty Zharnel Hughes of Shaftesbury celebrates after winning the Men’s 100m Final at the UK Athletics Championships at Manchester Regional Arena Getty Andy Murray of Great Britain plays a backhand against Stefanos Tsitsipas of Greece in the Men’s Singles second round match during day five of The Championships Wimbledon 2023 at All England Lawn Tennis and Croquet Club Getty Queen Camilla during a visit to Lochcarron of Scotland at the Waverley textile mill in Selkirk, in the Scottish Borders, as part of the first Holyrood Week since the King’s coronation. PA Anti-monarchy protesters hold placards near the St Giles’ Cathedral on the day of the National Service of Dedication and Thanksgiving for Britain’s King Charles, in Edinburgh Reuters Andy Murray celebrates break point against Ryan Peniston in their men’s singles first round match at Wimbledon Getty A cigar smoked by Winston Churchill, which is expected to fetch £600-800 is pictured on his statue in Westerham, Kent PA England’s Ben Stokes hits a six off the bowling of Australia’s Josh Hazlewood during the last day of the second Ashes test at Lords Cricket Ground in London Action Images via Reuters Pata Yamaha Prometeon rider Toprak Razgatiloglu followed by Aruba.It Racing – Ducati rider Alvaro Bautista (right) during the World SBK race 1 on day two of the FIM Superbike World Championship 2023 at Donington Park, Derby PA Rembrandt Harmensz’s Portrait of Jan Willemsz, van der Pluym and Jaapgen Carels is held by gallery staff, during a photo call for highlights from the forthcoming Classic Week Sales, at Christie’s, London. PA A visitor walks through a part of Japanese artist Yayoi Kusama’s installation ‘You, Me and The Balloons’ during a preview ahead of the start of the Manchester International Festival Reuters England player Jonny Bairstow carries a ‘Just Stop Oil’ pitch invader during day one of the second Ashes Test at Lord’s Cricket Ground Getty A Dolly Parton impersonator banned from Facebook protests outside the offices of parent company Meta in King’s Cross, London, as part of their ‘Stop Banning Us’ appeal Lucy North/PA Glastonbury site clean-up operation in progress PA Lil Nas X performs on the Pyramid Stage at Glastonbury AFP via Getty Chemical Brothers perform beneath the Arcadia spider in the very early morning at the Glastonbury Festival PA A performer entertains festivalgoers in the circus field at Glastonbury festival AFP/Getty Ladies Day at Royal Ascot Racecourse AP Katherine Jenkinson from Carlisle with her jersey calf in the wash bay at the Royal Highland Centre in Ingliston, Edinburgh, ahead of the Royal Highland Show PA The sunrises at 04.25am at St Mary’s Lighthouse in Whitley Bay, on the North East coast of England, the day before Summer Solstice – the longest day of the year PA The King and Queen depart the annual Order of the Garter Service PA Typhoon fighter jets fly over The Mall after the Royal family attended the Trooping the Colour ceremony at Horse Guards Parade, central London, as King Charles III celebrates his first official birthday since becoming sovereign. PA A peregrine falcon nesting at Malham Cove, in the Yorkshire Dales National Park PA Newborn alpaca Sir Steveo, who has been named after one of his keepers, ventures outside in the Pets Farm area of Blair Drummond Safari Park near Stirling PA Grace Kumar’s father and Barnaby Webber’s brother, Charlie, embrace ahead of a vigil at the University of Nottingham after they and Ian Coates were killed and another three hurt in connected attacks on 13 June PA Police forensics officers on Ilkeston Road PA People relax in a suspended swimming pool as hot weather continues, in London Reuters Usain Bolt and teammates celebrate with the trophy after winning Soccer Aid 2023 Action Images via Reuters A cyclist trains in the early morning, as hot weather continues, in Richmond Park, London Reuters A performer walks on a tightrope at Covent Garden during a sunny day in London AP A women rides her horse through the river during the Appleby Horse Fair PA The Princess of Wales during a game of walking rugby during her visit to meet local and national male rugby players at Maidenhead Rugby Club PA An aerial view shows the dry bed of Woodhead Reservoir, revealed by a falling water level after a prolonged period of dry weather, near Glossop, northern England AFP/Getty Prime Minister Rishi Sunak onboard Border Agency cutter HMC Seeker during a visit to Dover PA A hot air balloon rises into the sky above Ragley Hall, Alcester, south of Birmingham in central England AFP via Getty Images Skaters use the mini ramp at the Wavelength Spring Classic festival in Woolacombe Bay in Devon PA The And Beyond installation, during a photo call for the London Design Biennale at Somerset House in London PA Emergency services attending to a blaze at a derelict listed building in Samuel Street, Belfast PA A robot named Stella interacts with visitors during the International Conference on Robotics and Automation ICRA in London AP Dave Hackett and his daughter Daisy, five, explore the laburnum arch in the grounds of Preston Tower, East Lothian, in the warm Spring Bank Holiday weather PA Great Britain’s Nick Bandurak scores their side’s third goal of the game during the FIH Hockey Pro League men’s match at Lee Valley, London PA People enjoy the sunny weather at a park in London AP In that document, the Treasury cited previous decisions alleged to have been made by payment service PayPal to close accounts ‘due to the publicly held views of PayPal’s users and those associated with them’. In a bizarre paragraph, officials explained that ‘the government does not support ‘cancel culture”. Andrew Griffith, the economic secretary to the Treasury, said: ‘Freedom of speech is a cornerstone of our democracy, and it must be respected by all institutions. ‘Banks occupy a privileged place in society, and it is right that we fairly balance the rights of banks to act in their commercial interest with the right for everyone to express themselves freely. ‘These changes will boost the rights of customers – providing real transparency, time to appeal, and making it a much fairer playing field.’