Farage's bank account was closed because of a low wealth threshold

Nigel Farage, MEP

According to information provided to the BBC, Nigel Farage did not meet the financial requirements to maintain an account at the prestigious private bank for the wealthy, Coutts.

It is understood that NatWest, which owns Coutts, subsequently offered him a standard account.

Last week, Mr. Farage claimed that he thought his account had been closed for political reasons and that when he sought out other lenders, they turned him down seven times.

However, those who were aware of Coutts' decision claimed it was a "commercial" one.

According to them, "the requirements for maintaining a Coutts account are clear from the bank's website.".   .

Customers of Coutts are required to hold $3 million in savings, borrow £1 million from the bank, or invest that amount.

Regarding Mr. Farage's account, the bank declined to comment.

An anti-Brexit banking industry is to blame for "serious political persecution," according to a recent six-minute video posted on Twitter by the former UK Independence Party leader and Brexiteer.

The decision may "fundamentally affect my future career and whether I can even go on staying here in this country," according to him, who claimed that losing his bank account was the same as becoming a "non-person.".

Speaking with the BBC from France, Mr. Farage acknowledged that he did not meet Coutts' requirement but added: "They didn't have a problem with it for the last 10 years. ".

He also denied receiving a NatWest account offer at the time his Coutts accounts were closed. He claims that late last week, a NatWest account was offered.

The BBC is aware that the NatWest account offer is still valid.

Since he is a "Politically Exposed Person," Mr. Farage claims he has attempted to open an account with a number of other banks but has been turned down.

A PEP typically poses a greater risk to financial institutions because regulators believe that because of their position and potential for influence, they are more vulnerable to the risk of engaging in bribery and corruption.

People with knowledge of NatWest's thinking insisted that this was not the reason his Coutts account was closed. "Are you telling me that all the other banks say it was a PEP thing and Coutts wasn't?" Mr. Farage asked the BBC. "Draw your own conclusions.". ".

Despite having what he described as "large significant positive cash balances" flowing through his business account last year, Mr. Farage claimed that his business account was closed.

Customers who are not also private customers of Coutts are not eligible for business banking services.

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