Farage bank account shut for falling below wealth limit
Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for the wealthy, the BBC has been told.Last week, Mr Farage said he believed his account is being shut for political reasons and he was turned down by seven other lenders when he went elsewhere."The criteria for holding a Coutts account are clear from the bank's website," they told the BBC.The bank declined to comment on Mr Farage's account.
He said that losing his bank account was the equivalent of being a "non-person" and that the decision may "fundamentally affect my future career and whether I can even go on staying living here in this country".Speaking to the BBC from France, Mr Farage did not dispute the fact that he did not meet Coutts' threshold, but added: "They didn't have a problem with it for the last 10 years.
A PEP generally presents a higher risk for financial institutions as regulators consider them to be more exposed to the risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
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