Nigel Farage demands Brexit law change in row over bank account being shut

Nigel Farage hits back at bank over account closure

Nigel Farage has demanded a change in the law after his bank account was shut down.

The Ukip and Brexit Party leader has claimed the move by prestigious bank Coutts to close his account is politically motivated.

He has also said nine other banks have refused him because he is a politically exposed person (PEP) – considered to be more exposed to the risk for potential involvement in bribery and corruption due to their position.

In the latest development in the row, Mr Farage demanded a change in the law – which is an EU directive.

His call came after City minister Andrew Gritteth wrote to the UK’s financial watchdog urging it to prioritise a review into how banks treat politicians.

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Mr Farage said: “I am delighted that the Chancellor and City Minister are putting pressure on the Financial Conduct Authority (FCA) to review why banks are giving UK PEPs such a hard time.

“Even better would be to change the law. It is an EU directive and a Brexit government ought to deal with it.”

Mr Griffith, in a letter to Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said the “strength of concern” on the issue means it needs to be prioritised by the watchdog.

He wrote: “While I recognise the importance of ensuring that appropriate measures are in place to prevent money laundering, it is crucial that an appropriate balance is struck and that these measures do not unduly burden or prevent democratically elected individuals, public officials, or their respective families from access to essential banking services.

“The Government is clear that domestic PEPs should be treated in a manner which is in line with their risk, and that banks should not be closing individuals’ accounts solely due to their status as a PEP.”

It comes after Mr Farage yesterday hit back at Coutts after claims his account was closed as it fell below the wealth limit.

The BBC reported it was a “commercial” decision, with a source saying: “The criteria for holding a Coutts account are clear from the bank’s website.”

But the politician-turned-broadcaster insisted the exclusive bank had not given him a minimum threshold in the past 10 years.

Mr Farage previously warned he could be forced to leave Britain due to his bank accounts being shut.

He said it amounted to “serious political persecution” which he suggested was due to his involvement in the 2016 Brexit referendum.

He said: “Without a bank account you effectively become a non-person, you don’t actually exist.”

Mr Farage’s revelation prompted a string of other people to come forward claiming similar experiences.

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