Coutts Bank said it would close Nigel Farage’s accounts due to political motivations but has reversed course and announced it would reopen the Brexit leader’s accounts.
After it was revealed that the bank had closed his personal and business accounts over his political views, Mr. Farage announced on Monday evening that he had received a letter from the interim CEO of Coutts, Mohammad Kamal Syed, with a peace offering of sorts, saying that it would no longer close his accounts.
To cover up the politically driven debanking of Mr. Farage, Syed was brought in after the departures of Coutts CEO Peter Flavel and previous NatWest CEO Dame Alison Rose.
Mr. Farage said he was grateful for Coutts’ gesture, but he has no plans to abandon the campaign he initiated against the banking sector. He has created a website to rally others unfairly debanked to push for reform in Britain.
Meanwhile, the CEO of Pockit, which serves customers left behind by mainstream banks, Virraj Jatania, said while heI personally may disagree with his views, Nigel Farage would be allowed a current account with Pockit, and he could open one in only a few minutes.
Pockit, a financial super app for low-income and underserved groups, has unveiled a $10 million capital raise to fuel rapid expansion. The funding, led by Puma Private Equity, will be used to ramp up marketing operations, including visiting churches and places of worship to reach out to customers.
As many as 20 million people in the UK do not have access to essential financial services, according to a recent study by PwC. Pockit’s services will become increasingly important in addressing financial exclusion across the UK and beyond, with tremendous potential thanks to its tech-powered, partnership-led approach. The firm is a prepaid account, not a bank, and does not have a banking license but instead uses the financial regulator’s e-money licensing scheme.