Nigel Farage highlights why EU to blame for bank account closure: 'Brexit should deal with this!'
Nigel Farage highlights why EU to blame for bank account closure
GB News
Nigel Farage has claimed the United Kingdom’s departure from the European Union could solve the issue surrounding the closure of his bank accounts.
The GB News presenter took to social media after Chancellor Jeremy Hunt and City Minister Andrew Griffith ramped up pressure on the Financial Conduct Authority to address Coutts' decision to close his accounts.
Farage said: “I am delighted that the Chancellor and City Minister are putting pressure on the 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.”
Coutts bank in London
PA
PEPs, an abbreviation for a politically exposed person, was brought into law following directive 2015/849 of the European Parliament and of the Council.
Labour MP Lloyd Russell-Moyle also voiced concern about PEPs earlier today.
Responding to Griffith’s letter to the FCA, the Brighton Kemptown MP said: “I’ve had two banks threaten to close my accounts down unless I provide more information.
“The PEP requirements are being used to force people out of public life.”
Nigel FaragePAFarage lashed out at Coutts yesterday after it was suggested his account was closed due to insufficient funds.
The 59-year-old has since been rejected by nine banks and his lawyers have also claimed he is classed as a PEP.
Griffith’s letter to the FCA’s Nikhil Rathi said: “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.
“Given the strength of concern on this issue, I would expect that the FCA will prioritise this important review over the coming months, and if there are ‘easy wins’ along the way will implement those expeditiously.”
Security Minister Tom TugendhatPAThe letter was sent after MPs put mounting pressure on the Government to act.
Speaking in the House of Commons on Tuesday, Security Minister Tom Tugendhat said it should be "completely unacceptable" for a bank to close an account on "political grounds".
He added: "PEP is there to prevent the corrupt use of banking facilities by politicians in corrupt regimes.
"It is not here to silence individuals who may hold views with which we may or may not agree."