UK bank chiefs resign after political crackdown on customers

UK bank executives responsible for “debanking” customers over their political views stepped down last week following widespread media exposure.

Attention was stirred after British politician Nigel Farage last month revealed that his account with Coutts Bank was closed over his political views, including his support for President Trump, InfoWars host Alex Jones and unvaccinated tennis champion Novak Djokovic.

Farage, one of the UK’s most popular Right-leaning figures, was notified by Coutts Bank that his accounts would be shut down this summer for undisclosed reasons. Three of Farage’s family members received similar notifications. The Brexit mastermind was then rejected by nine other banks, leading him to suspect he was being forced out of the country. 

At first, mainstream media reported that Farage’s accounts were being closed due to financial reasons. It was then discovered that this false claim had been fed to the BBC by Coutts owner NatWest Group CEO Dame Alison Rose, who admitted to spreading the misinformation and resigned last week.

Less than 48 hours later, Coutts Bank CEO Peter Flavel also stepped down over the scandal and the bank rescinded its decision to close Farage’s accounts. Farage is demanding that NatWest Group Chairman Sir Howard Davies resign as well.

Farage is not the only customer to be debanked for his Right-leaning views, and Coutts is not the only bank to do so. Several people and organizations have come forward since Farage’s first announcement and revealed that they have received similar treatment from Barclays Bank, Santander Bank, Royal Bank of Scotland (RBS), HSBC, Metro Bank and First Direct. Reports suggest that banks most often appear to close accounts if customers oppose totalitarian gender ideology. Yorkshire Building Society, the UK’s third-largest such financial institution with three million customers, recently admitted to canceling customers who “discriminate in any way”.

While it is unknown how many customers have been debanked for their political views, recent reports show that banks are canceling customers at record rates. 

UK financial watchdog the Financial Conduct Authority revealed last week, in response to a Freedom of Information (FOI) request, that in 2016–2017 banks shut down about 45,000 accounts, but the number has been increasing every year. In 2021–2022 British banks closed just over 343,000 accounts, an average of over 1,000 accounts every business day.

Farage has opened a website, AccountClosed.org, to help those who have been unfairly treated by financial institutions for their political views. 

“I’ve just been inundated by small businesses, by folk all round the country. People in absolute fear, terror, lives being ruined, thousands of businesses being closed. These are people who have done nothing wrong whatsoever,” Farage told GB News Sunday.