Nigel Farage is negotiating with Coutts to keep his bank account open

Nigel Farage says he had an «exchange of emails» with Coutts about keeping his account open. Photo: Jonathan Buckmaster

Nigel Farage is negotiating with Coutts to keep his account open after the bank appears to have softened its stance on closing it.

The former leader of the UK Independence Party and dignitaries at the bank exchanged letters and Mr Farage said that the new chief executive, Mohammad Syed, had told him that he would be allowed to keep the account.

This event would mean the cancellation of the original Coutts' decision to close Mr. Farage's account.

He was the first in a series of debanking cases that have emerged in recent weeks.

The Telegraph previously reported that Mr. Farage's political views were a factor in Coutts' decision to close his account.

Last week, Dame Alison Rose — chief executive of NatWest Group, which owns Coutts — and Peter Flavel, chief executive of Coutts, resigned following backlash in the case.

Mr. Farage's Coutts account should was to be officially closed in the coming weeks.

However, the politician told The New York Times. Telegraph on Monday: “I'm talking to Coutts. There was an exchange of letters.”

Coutts' file on Nigel Farage, in full

He added that the discussion was about what would happen to his account and his broader relationship with the bank. Lawyers are believed to have been involved.

Speaking on his UK news program Monday night, Mr Farage said Mr Syed had written to him that he could keep both his personal and business accounts.

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But he added that he sent a legal letter demanding an apology and compensation from the bank.

Mr. Farage said: «It took me a huge amount of time and cost me quite a lot of money in legal fees, so today I sent a letter of legal action to Coutts.»

Mr. Farage's account recovery was would be a major departure from Coutts.

The original decision to shut him down was due in part to bank employees deciding his views «did not align with [their] values,» according to inside information about the case, which Mrs. n Farage received using the subject access request.

Dame Alison stepped down after admitting she briefed a BBC reporter on why Mr Farage's account was taken down. The BBC reported that this was due to lack of funds.

Mr. Flavel's departure from Coutts was announced the next day. But Sir Howard Davis, CEO of the NatWest Group, who supported Dame Alison, remains in office.

Mr. Farage recently launched the website http://AccountClosed.org in an attempt to see how widespread got the problem of people losing their bank accounts.

Farage

Prominent conservative politicians, including Grant Shapps, the Energy Security Minister, have described their own experiences when they were told their bank accounts would be closed.

Rishi Sunak was among the leading figures in government who raised concerns about Farage. case.

The Prime Minister has previously said: “It would be wrong if financial services were denied to anyone exercising their right to legitimate free speech.”

“Our new financial The Services and Markets Act introduces new measures to ensure that PEPs are treated appropriately and proportionately.

“After consulting the rules of payment services, we are in the process of cracking down on this practice by tightening the rules for closing accounts.

«But in the meantime, anyone can complain to the Financial Ombudsman Service, which has the power to order a bank to reopen their account.»

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A representative for Coutts said the bank was not can comment on individual cases.