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September 21 2023 2.07pm

Coutts VS Nigel Farage

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View ASCPFC's Profile ASCPFC Flag Pro-Cathedral/caravan park 07 Aug 23 12.19pm Send a Private Message to ASCPFC Add ASCPFC as a friend

Originally posted by Wisbech Eagle

I didnít suggest it is expensive. I suggested that the costs involved for a highly exposed PEP could be a factor in a bankís reasoning. Who knows, other than the bank itself, what in 2023, they regard as relevant.

Nobody here knows what the elements were that resulted in Coutts deciding to review Farageís account status, whether this was treated in the standard way or whether his high public profile meant he was given a different level of attention. I respect the fact that you, and others, have more experience of banking practice than myself and find the descriptions interesting and informative. These alone though cannot tell the whole story, which none of us actually know. What we do know, and have agreed on, is that whatever happened, whether stupid, irritating or appearing to be unfair, it was the bankís decision to make it.

This isn't what happened though. The facts of this are in the public domain now. The bank used the excuse of a possible, future balance under their threshold to close Farage's account. Farage was suspicious. The bank then told the BBC that they were closing Farage's account because they don't like him/ his views/ he's a risk. I believe it was reported but I didn't particularly follow it. Farage got that information.
He's now been milking it - but as I say, the facts aren't as hard or nuanced as is being made out.
Mostly incompetence mixed with virtue signalling that backfired in a spectacular fashion. There's no real argument or debate to be had. It's not a battle of opinions.

 


Red and Blue Army!

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View Teddy Eagle's Profile Teddy Eagle Online Flag 07 Aug 23 12.33pm Send a Private Message to Teddy Eagle Add Teddy Eagle as a friend


Quite an interesting view from the Guardian.


[Link]

 

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View NEILLO's Profile NEILLO Flag Shoreham-by-Sea 07 Aug 23 12.52pm Send a Private Message to NEILLO Add NEILLO as a friend

Originally posted by Wisbech Eagle

I didnít suggest it is expensive. I suggested that the costs involved for a highly exposed PEP could be a factor in a bankís reasoning. Who knows, other than the bank itself, what in 2023, they regard as relevant.

Nobody here knows what the elements were that resulted in Coutts deciding to review Farageís account status, whether this was treated in the standard way or whether his high public profile meant he was given a different level of attention. I respect the fact that you, and others, have more experience of banking practice than myself and find the descriptions interesting and informative. These alone though cannot tell the whole story, which none of us actually know. What we do know, and have agreed on, is that whatever happened, whether stupid, irritating or appearing to be unfair, it was the bankís decision to make it.

Didn't you ;

'' Firstly, if an account holder is a PEP whose public status is such that their account requires a lot more costly oversight than the income it generates, then closing it is considered.''

''Surely the cost of monitoring someone as high profile as Farage with significantly controversial and divisive opinions and with rumours of funding from Russia around him, even if unsubstantiated, would be significant and not comparable to an average PEP. ''

I was discussing the matter with a friend that has direct experience of working at Coutts ( unlike me ).

He was of the same opinion as me ; this was someone within the Coutts organisation trying to make themselves look good by flagging Farage as a reputational risk. Not necessarily as a result of an account review. We could both be wrong , I look forward to the report when published.

Edited by NEILLO (07 Aug 2023 12.59pm)

 


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View Matov's Profile Matov Online Flag 07 Aug 23 9.02pm Send a Private Message to Matov Add Matov as a friend

Originally posted by Teddy Eagle


Quite an interesting view from the Guardian.


[Link]

It was always the inherent hypocrisy in it. There is a quote that gets bandied about about how behind every great fortune is a crime, and I am convinced it contains more than an element of the truth.

The UK is infamous for being the worlds more respectable money laundering system. Our entire banking system, especially at the level of Coutts, is underpinned by the UK being essentially the world's oldest and more successful organised crime group. We allow quite literally the worst people in the world to hide their illict fortunes in the UK, offer them shelter and then groom their kids via our public school system so that within 3 generations, they are part of our establishment with a grandfather who is just seen as a being a bit of a rouge.

Farage has played this like a maestro. Took massive scalps and is milking it for all it is worth.

I am still convinced that Coutts did not do this off their own back but acted on wider orders that have now backfired. Still cannot get my head around how such a senior figure did what she did in leaking like that to the BBC. The reputational damage to Coutts is beyond measure because who will trust them?

I still see wheels within wheels on this one but also concede that its possible this is just another example of how moronic our supposed managerial elites truly are.

 


"The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command." - 1984 - George Orwell.

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View HKOwen's Profile HKOwen Flag Hong Kong 08 Aug 23 7.35am Send a Private Message to HKOwen Add HKOwen as a friend

Thankfully the posts from people who actually have knowledge of this topic have derailed the uninformed train

 


Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

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View Badger11's Profile Badger11 Flag Beckenham 08 Aug 23 7.59am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by HKOwen

Thankfully the posts from people who actually have knowledge of this topic have derailed the uninformed train

I will never understand why some companies take a morale stand on certain issues. As sure as night follows day they will be exposed as hypocrites.

"Better to remain silent and be thought a fool then to open one's mouth and remove all doubt".

 


One more point

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View Wisbech Eagle's Profile Wisbech Eagle Online Flag Truro Cornwall 08 Aug 23 9.43am Send a Private Message to Wisbech Eagle Add Wisbech Eagle as a friend

Originally posted by ASCPFC

This isn't what happened though. The facts of this are in the public domain now. The bank used the excuse of a possible, future balance under their threshold to close Farage's account. Farage was suspicious. The bank then told the BBC that they were closing Farage's account because they don't like him/ his views/ he's a risk. I believe it was reported but I didn't particularly follow it. Farage got that information.
He's now been milking it - but as I say, the facts aren't as hard or nuanced as is being made out.
Mostly incompetence mixed with virtue signalling that backfired in a spectacular fashion. There's no real argument or debate to be had. It's not a battle of opinions.

They are the facts in the document revealed by Farage. They arenít, and cannot be, the facts that lie behind them. Itís confusing cause and reason again.

The BBC were misled by the CEO who later claimed she was too and lost her job. Thatís a huge internal mess for Coutts but nothing to do with the reasons that lie behind their decision.

Those could well be regarded as virtue signaling by some, but the truth is no one actually knows and in any event it was their decision alone.

So you are right. There is no argument. Coutts were inept and it backfired on them but they had the right to do it.

 

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View Wisbech Eagle's Profile Wisbech Eagle Online Flag Truro Cornwall 08 Aug 23 9.57am Send a Private Message to Wisbech Eagle Add Wisbech Eagle as a friend

Originally posted by NEILLO

Didn't you ;

'' Firstly, if an account holder is a PEP whose public status is such that their account requires a lot more costly oversight than the income it generates, then closing it is considered.''

''Surely the cost of monitoring someone as high profile as Farage with significantly controversial and divisive opinions and with rumours of funding from Russia around him, even if unsubstantiated, would be significant and not comparable to an average PEP. ''

I was discussing the matter with a friend that has direct experience of working at Coutts ( unlike me ).

He was of the same opinion as me ; this was someone within the Coutts organisation trying to make themselves look good by flagging Farage as a reputational risk. Not necessarily as a result of an account review. We could both be wrong , I look forward to the report when published.

Edited by NEILLO (07 Aug 2023 12.59pm)

Might I respectfully suggest you reread what I wrote. I didnít suggest they were expensive but that if costs might exceed income value couldíve been a consideration.

I too look forward to the report. Your friendís suspicions may well be correct and if so there will no doubt be a shake up. Thatís never been an issue for me and always possible, indeed likely.

My only point is that whatever the reasoning, or whether regarded by others as good, bad, inept or stupid, it was theirs to make.

Not mine, yours or Farageís.

 

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View Hrolf The Ganger's Profile Hrolf The Ganger Flag 08 Aug 23 10.07am Send a Private Message to Hrolf The Ganger Add Hrolf The Ganger as a friend

Originally posted by Wisbech Eagle

They are the facts in the document revealed by Farage. They arenít, and cannot be, the facts that lie behind them. Itís confusing cause and reason again.

The BBC were misled by the CEO who later claimed she was too and lost her job. Thatís a huge internal mess for Coutts but nothing to do with the reasons that lie behind their decision.

Those could well be regarded as virtue signaling by some, but the truth is no one actually knows and in any event it was their decision alone.

So you are right. There is no argument. Coutts were inept and it backfired on them but they had the right to do it.

How many words are you going to waste trying to spin this?

Everyone knows why Farage was targeted. You included.

Find a hobby.

 

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View Wisbech Eagle's Profile Wisbech Eagle Online Flag Truro Cornwall 08 Aug 23 10.11am Send a Private Message to Wisbech Eagle Add Wisbech Eagle as a friend

Originally posted by Hrolf The Ganger

How many words are you going to waste trying to spin this?

Everyone knows why Farage was targeted. You included.

Find a hobby.

What spin is involved in pointing out the Coutts had the right to take their own decisions? Itís the truth.

That it has backfired is also the truth. At the moment.

 

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View NEILLO's Profile NEILLO Flag Shoreham-by-Sea 08 Aug 23 10.31am Send a Private Message to NEILLO Add NEILLO as a friend

Originally posted by Wisbech Eagle

Might I respectfully suggest you reread what I wrote. I didnít suggest they were expensive but that if costs might exceed income value couldíve been a consideration.

I too look forward to the report. Your friendís suspicions may well be correct and if so there will no doubt be a shake up. Thatís never been an issue for me and always possible, indeed likely.

My only point is that whatever the reasoning, or whether regarded by others as good, bad, inept or stupid, it was theirs to make.

Not mine, yours or Farageís.

I donít need to re-read.

If I deem something as costing too much / more than itís worth then in my book thatís expensive. Youíre splitting hairs, I assume because you have found to be totally incorrect and uninformed about how PEP accounts are monitored.

We established quite some time ago now that Coutts had the right to make their decision. Continued repetition of that is superfluous

 


Old, Ungifted and White

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View georgenorman's Profile georgenorman Flag 08 Aug 23 11.00am Send a Private Message to georgenorman Add georgenorman as a friend

Originally posted by Wisbech Eagle

What spin is involved in pointing out the Coutts had the right to take their own decisions? Itís the truth.

That it has backfired is also the truth. At the moment.

Yet you deny Ashers Bakery the right to make their own decisions.

 

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