ChatterBank0 min ago
Coutts Have (Not) Been Telling Fibs (Part Ii)
In the original thread on this topic, I pointed out that a financial expert had stated (in a youtube video) that Coutts had terminated Farage’s account because he no longer met the financial criteria to hold an account with them, once his mortgage came to an end.
Many pooh poohed my posts, pointing out that I was wrong (as was the financial expert) – and asking me to apologise.
Well, I have now read that 40 page report from Coutts, and indeed it does say that Farage’s account would be closed because he no longer met the financial criteria to hold an account (once the mortgage expired). It also mentions that the bank should continue to monitor Farage with regards a reputational risk to the bank, which should be escalated to the Bank’s Committee – and I assume that they could have closed the account on this basis if some incident has arisen, but they did not.
The actual relevant words from the report are copied and pasted below:-
‘With the support of the Committee, [the Chair] concluded as follows: After the expiry of the mortgage with Coutts, NF would not be a criteria client, and we should set a glide path to exiting NF when that mortgage expires.
However, whilst the mortgage is in place we should continue to monitor NF, and if there is a ‘flash point’ involving NF which would increase the reputational risk to the bank, it should be escalated to this Committee promptly.’
Many pooh poohed my posts, pointing out that I was wrong (as was the financial expert) – and asking me to apologise.
Well, I have now read that 40 page report from Coutts, and indeed it does say that Farage’s account would be closed because he no longer met the financial criteria to hold an account (once the mortgage expired). It also mentions that the bank should continue to monitor Farage with regards a reputational risk to the bank, which should be escalated to the Bank’s Committee – and I assume that they could have closed the account on this basis if some incident has arisen, but they did not.
The actual relevant words from the report are copied and pasted below:-
‘With the support of the Committee, [the Chair] concluded as follows: After the expiry of the mortgage with Coutts, NF would not be a criteria client, and we should set a glide path to exiting NF when that mortgage expires.
However, whilst the mortgage is in place we should continue to monitor NF, and if there is a ‘flash point’ involving NF which would increase the reputational risk to the bank, it should be escalated to this Committee promptly.’
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In relation to this news story in the Daily Mail, both the BBC and Coutts should read this thread and tell Farage to Foxtrot Oscar.
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One should have the ability to look through these latest stories & excuses that have been worked out, presumably, by the Coutts lawyers. The bank can wriggle as much as it likes but it just adds to their fallen image, it does their reputation no benefit at all to keep on looking for loophole explanations. Had they had a valid reason they'd have been up front from the start. The reality of the situation is already public knowledge, they failed to get away with the attack and it now looks like all banks will no longer have the ability to do this again in the future. Their name must now be mud in the banking industry.
Update.... well well well
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