Coutts, Nigel Farage and me
(Shutterstock)
In one way, and only one, I am like Nigel Farage. I used to have an account at Coutts.
In the 1980s I was running a nightclub for Virgin Records in London’s Victoria. Virgin were terrible payers so I thought if I banked at the same bank that they did, the cheques would clear more quickly. I was wrong, of course, but nevertheless that is how I came to open an account at Coutts. The manager was a fan of rock music so I was granted an account. I told him I could put him on the guest list for any gigs he wanted to see, but he never asked.
Coutts is one of the oldest banks in the world and counts the Royal Family among its clients, but it was a great bank for ordinary customers too. After a few years I moved my personal account there as well.
Coutts have a minimum deposit limit – they now require customers to borrow or invest £1 million — but it was relatively low in those days. As my business grew their limits were raised, and I managed to stay ahead of them for a few years.
I then moved to freelancing rather than full-service supply, and my turnover dropped. I was now well under the Coutts limits, which was very politely pointed out to me, but no action was taken as the account manager was “optimistic about my future” — although there was no evidence to support his optimism. This situation continued for another 15 years or so.
When it got to the point where neither of us thought I would ever qualify for the now substantially increased limits, it was suggested that my situation was “difficult to justify”. And so after a period of about three further months I moved my business and personal accounts to a high street bank. Once I had decided where to go and overcome my reluctance, the process took less than a week and Coutts made no effort to speed my actions.
Throughout all this time my account managers were unfailingly polite, and unhurried.
No bank would ever reveal details of a customer’s banking and so all reports about Nigel Farage’s financial affairs should be treated with caution. He claims that his account at Coutts was closed without notice or explanation. He assumes that the bank objected to his political views, but he had held an account there for many years without such a problem. For Mr Farage to say he was given “no warning” seems to me unlikely.
I am – of course – not a PEP (Politically Exposed Person) and the term did not exist when I first opened my accounts, but I notice all the other PEPs are able to open bank accounts. Unlike Mr Farage, they are able to keep them open, too.
I hold no position about Mr Farage. I have never voted for him or his party, and I have rarely watched his television programme. I do think he’s a decent orator who occasionally talks sense. But in this matter his utterings are so far from my experience that I can detect a funny smell.
A Message from TheArticle
We are the only publication that’s committed to covering every angle. We have an important contribution to make, one that’s needed now more than ever, and we need your help to continue publishing throughout these hard economic times. So please, make a donation.
