Nigel Farage cries persecution, nobody wants to be his banker after ties to Russia

Quin_Dub

https://www.boards.ie/discussion/comment/120799177#Comment_120799177

Regardless of what Farage and others might claim there are an extremely limited number of reasons that a Bank would refuse to do business with a customer (any customer)

Legal Risk - The bank feels that the customers banking activities expose the bank to undue legal risk/exposure

Not worth the Effort - The bank feels that the customers business isn't worth the effort - In the case of a PEP , they might consider that the additional overheads arising from the audit/compliance requirements negate any potential profits they might gain from the customer.

Reputational risk - The Bank feels that a public association with the customer and their business would cause reputational damage leading to financial loss.

The idea that a bank would refuse to do business with Farage because they "don't like his politics" is arrant nonsense given the exceedingly wide range of horrible people that they all still actually do business with.

So , on that basis I think we can reasonably discount the "Reputational risk" angle in the case of Nigel Farage.

So we are left with the other two possibilities - "Legal Risk" and "Not worth the effort".

Under "Not worth the Effort" - Having had a quick look at the PEP Legislation in the UK , I'm not sure that Farage qualifies anymore in his own right as he is no longer a leader/member of a political party etc. and hasn't been for quite some time.

Now - The one part of the PEP legislation that may still apply to Farage is the "known associate" bit.

Known close associates of PEPs are defined as:

• an individual known to have joint beneficial ownership of a legal entity or a legal arrangement or any other close business relations with a PEP; or

• an individual who has sole beneficial ownership of a legal entity or a legal arrangement which is known to have been set up for the benefit of a PEP.

None of us know who he may or may not have business relationships with so this might apply here.

The other area is "Legal Risk" and again , who knows what the banks know or think they know in this area.

Bottom line though, Farage isn't being targeted for his beliefs/opinions , he is likely being targeted for his actions and/or the actions of people with whom he has a close association with.

As other posters have said , this smacks of Farage attempting to control the narrative of a story that likely does not make him look good.

ancapailldorcha

https://www.boards.ie/discussion/comment/120799300#Comment_120799300

No, it hasn't. It's just prompted a group of people to repeat the lies of a conman verbatim as if they're proven fact ad nauseam.

McFly85

https://www.boards.ie/discussion/comment/120799370#Comment_120799370

Should banks refuse services on the sole basis of someone’s political beliefs? No.

Is there a shred of evidence that banks are in fact refusing banking services to people based solely on their political beliefs? Also no.

pixelburp

https://www.boards.ie/discussion/comment/120799370#Comment_120799370

Burden of proof. It has been said many times and is not unreasonable.

However you refuse to address the points made in between flippancy, so you have no standing to affect distaste over others' mocking of an individual you clearly have a bias for.

Leroy42

https://www.boards.ie/discussion/comment/120799346#Comment_120799346

What are you talking about 'personally speaking? Nobody was talking about you personally.

Farage is claiming that this is a political decision. Did he raise this issue with the Ombudsman and what was the result of that investigation?

The big point is that until there is something, there you are getting worked up about nothing. If the bank is found to have acted out of political motivations, then there should be consequences. And the Ombudsman has the powers to act in that instance.

What do you think is the reason why Farage has not gone to the Ombudsman about this?

kowloon

https://www.boards.ie/discussion/comment/120799247#Comment_120799247

Well then there should be legislation in Switzerland too. I don't have any Swiss bank accounts so I am fine. it's Ireland I am worried about today.

But access to bank accounts should be totally non discriminatory, as long as you are not a criminal or money launderer.

Pretty sure Farage was one of the brexiteers championing the idea of turning the UK into a Singapore-style low-regulation economy. The idea of legislation forcing businesses to accommodate everyone would turn his stomach. What are his views on fundie-Christian bakeries?

lmao10

https://www.boards.ie/discussion/comment/120798726#Comment_120798726

Ah good old craftyw*nk. A hero to the far right incel types.

gmisk

https://www.boards.ie/discussion/comment/120799631#Comment_120799631

Gotta go where the cash is!

https://www.thepinknews.com/2022/10/02/who-is-darren-grimes-gb-news-views-brexit-trans-lgbtq/

brickster69

Barclays recently settled before a court case for discrimination after shutting down an account also.

https://www.thirdsector.co.uk/barclays-bank-pays-21500-settlement-charity-helps-people-leave-lgbt-lives/finance/article/1828268

https://www.boards.ie/discussion/comment/120799734#Comment_120799734

You never know, this precedent may encourage Farage to consult his lawyers.

ancapailldorcha

https://www.boards.ie/discussion/comment/120799734#Comment_120799734

The court didn't find Barclay's guilty.

“There has been no admission of liability by Barclays and there has been no decision by the Court calling into question Barclays’ actions including Barclays’ decision to exit its relationship with Core Issues Trust and The International Federation for Therapeutic and Counselling Choice [which also had its account closed by Barclays].”

brickster69

https://www.boards.ie/discussion/comment/120799760#Comment_120799760

Because it was settled prior to the court case. What was the result of the court case if it went ahead ?

ancapailldorcha

https://www.boards.ie/discussion/comment/120799786#Comment_120799786

No idea. I suggest you research your own argument. The article which I doubt you read doesn't say one way or the other.

Leroy42

https://www.boards.ie/discussion/comment/120799734#Comment_120799734

So there is a n avenue to deal with banks that close accounts outside of fair T&C's. What was the outcome of Farage complaint to the ombudsman?

brickster69

https://www.boards.ie/discussion/comment/120799791#Comment_120799791

You are scrambling now aren't you ?

Quin_Dub

https://www.boards.ie/discussion/comment/120799756#Comment_120799756

And if he takes a legal challenge and they find that it was a "politically motivated" decision then the banks should be held accountable for those actions.

To be honest , if I were in Farages shoes that's a pathway I'd have chosen a long time ago.

His current bank told him quite some time ago (9 months I think) that they were shutting his accounts etc.

If that were me and I hadn't had a satisfactory response within a matter of weeks I'd have been engaging legal counsel and pursuing the matter through the courts.

However , for some reason Farage chose to wait until the actual deadline before deciding that instead of engaging lawyers , he'd engage the good people of Social Media to work on his case.

Why would he do that I wonder?

Snake Plisken

https://www.boards.ie/discussion/comment/120798857#Comment_120798857

Still spouting the same crap you were two years ago when the station opened and Andrew Neil decided to leave. The station is celebrating 2 years on air is winning awards and is challenging the likes of Sky News and BBC News 24 with some of its viewing figures. It will still be going strong in two years time. The big loser here is TalkTV which I think won't survive the competition.

ancapailldorcha

https://www.boards.ie/discussion/comment/120799795#Comment_120799795

No. Just dismantling another of your dumps.

Tony EH

https://www.boards.ie/discussion/comment/120797970#Comment_120797970

I'd say that this is pretty close to actuality, although we'll never really find out the whole truth in any case. In addition, I'd say that Coutts (or whomever) looked into his transactions and found some seriously dodgy dealings going on and noped out.

What's gas about all of this nonsense, though, is that Farage is pissing and moaning about banks shunning him, when the likes of Coutts, and other "rich people banks" wouldn't give most people even a basic bank account because they wouldn't have a couple of million floating around.

Welcome to the real world Nigel.

https://www.boards.ie/discussion/comment/120799798#Comment_120799798

It's ironic that for all the abuse I received at the time, I ended up right all along.

And I would today make the same prediction you just made, that it will exist in an even more successful form in 2-years from now. It's not going anywhere anytime soon, it will only go from strength to strength.

Farage's show is one of the few constants that has remained over the period, where many other shows were either cancelled or modified to some degree. That's a testament to how successful his slot has been. There was talk on this thread that Farage was inventing the bank issue because his show was "failing", when that couldn't be further from the truth.

brickster69

https://www.boards.ie/discussion/comment/120799800#Comment_120799800

One of my finest that. It's quite relevant really when you think about it.

It sounds like the banks are now closing accounts for both sides of the fence now. One day a vicar get closed down for expressing his freedom of speech about LGBT stuff and the week earlier LGBT have Barclays up in court for the same thing.

Quin_Dub

https://www.boards.ie/discussion/comment/120799795#Comment_120799795

The point here is that there is a legal pathway to potential resolution for issues of this nature, a pathway that thus far Nigel Farage has chosen not to pursue.

At any point in the last several months he could have engaged Lawyers , he could have formally reached out to the appropriate financial regulators to escalate his concerns etc.

Based on the information available , Farage has done none of those things.

All he has done is whinge on Social Media.

Make of that what you will.

brickster69

https://www.boards.ie/discussion/comment/120799845#Comment_120799845

Maybe he has no case who knows, quite certain you don't either.

ancapailldorcha

https://www.boards.ie/discussion/comment/120799838#Comment_120799838

Prove it, please.

Quin_Dub

https://www.boards.ie/discussion/comment/120799838#Comment_120799838

The "charity" that brought Barclays to court are not in any way pro-LGBTQ.

Their express purpose is to facilitate "conversion therapies" to forcefully convert people away from being LGBTQ - Therapies which are abhorrent and will hopefully be banned soon.

So , yeah I can see how a "charity" like that might have some unpleasant connections that Banks might not be too thrilled about.

Quin_Dub

https://www.boards.ie/discussion/comment/120799853#Comment_120799853

Agreed - But to have a case or otherwise, requires engaging lawyers and raising official complaints through the various channels to follow the appeals process so you can go to court etc.

Which Farage does not appear to have done , because I'm pretty sure he'd have told us all about it if he had.

brickster69

https://www.boards.ie/discussion/comment/120799865#Comment_120799865

It is up to them what they think and believe, what has it got to do with a bank. People are free to think whatever they want as long as they do not break the law.

If Farage has broke the law then he should be arrested and put on trial just like anyone else.

https://www.boards.ie/discussion/comment/120799874#Comment_120799874

Which Farage does not appear to have done , because I'm pretty sure he'd have told us all about it if he had.

This isn't true.

Farage specifically mentioned consulting his legal team in his original Twitter announcement.

pixelburp

https://www.boards.ie/discussion/comment/120799853#Comment_120799853

Having no case would mean Farage would have already talked to solicitors and legal representation - which then further discredits whether there was an issue to answer in the first instance. Instead he chose to go to social media and proclaim himself a martyr due special attention.

And even if there was any kind of investigation, or procedure in the pipeline behind the scenes, the very first thing legal reps would have told Farage would be: STFU & don't talk about it in public. Instead we're here, and Farage crying prejudice. It has to come back to Ockham's Razor, cos either there's some insidious conspiracy against Nigel Farage, or there isn't & he's trying to control the narrative. Which is more likely?

brickster69

https://www.boards.ie/discussion/comment/120799907#Comment_120799907

Who knows, possibly maybe not. Do you know ?

If he has done something criminal and illegal the banks would have to legally inform the Police, so we have to wait and see.