Every morning at breakfast, the City banker would tell me the latest.
We were staying in the same hotel in Greece and being an early riser, and glued to Bloomberg and the markets news, he would wander over to our table to fill me in.
Inevitably, given what was occurring, it was about Nigel Farage and the ex-Ukip leader’s running spat with Coutts and the bank’s NatWest parent. Frequently, he wanted to express his anger at the latest twist.
Now back in London, in the City quietened by people away on holiday or using August and the slacker period as an excuse for extended WFH, there is also considerable dismay and frustration.
What’s powering the backlash is twofold: that having taken the decision to ditch him as a client, Farage is apparently in talks with Coutts to retain his account; and that the populist crowd rouser has formed an anti-banking website.
In truth, the bankers and regulators don’t know how to handle someone like Farage, which is why Coutts’ original move to turn away his custom was so ill-conceived – it was always going to end terribly.
Yes, Farage may not have fitted with the bank’s heightened woke values but there are plenty of folk still with Coutts accounts who don’t either. Others expelled don’t know how to rebel or to galvanise a revolution as he can. Ironically, it’s that point, which rebounded so spectacularly on Coutts: the ever-so elitist (as it sees itself) private bank did not want the association with him.
Even if there was an issue with his ability to meet their criteria of holding £1 million in investments or loans or £3 million in savings – and that seems open to doubt – the act of shutting Farage down was bound to provoke a ferocious response. Add to that the bank’s incredibly cack-handed compilation of a 40-page dossier on his previous utterings and actions, coupled with the NatWest chief executive’s discussion, however vague, about his financial affairs with a BBC reporter, and it was game, set and match to the professional slayer of the Establishment.
The result, apart from senior heads rolling at NatWest and Coutts and the group chairman’s ordering of an inquiry by a City law firm, which will be followed by the financial regulator’s own review, is the destruction, as many bankers see it, of their historical secrecy and a brake on their
Banks close thousands of accounts a year with scarcely a murmur. Now, thanks to the Farage farrago, customers are aware they can make use of what was hitherto an obscure tool under data protection legislation, of the formal Subject Access Request or SAR, to find out what the bank is holding on them. That’s how he discovered the 40-page report; that’s how, going forward, banks can expect to be swamped with similar requests.
Suddenly, you get a picture of bank staff urgently reviewing all the personal details they’ve gathered and deleting like mad.
By law, UK banks are not meant to shut accounts or deny services solely because of someone’s political ideology. Likewise, they are allowed, indeed legally required, to bar customers they suspect of money laundering.
The problem exists in the middle, regarding Politically Exposed Persons or PEPs. These are people who hold or have held public office and therefore may be more susceptible to bribery or corruption. The Financial Conduct Authority requires the banks to apply extra diligence to them, to raise the bar as to establishing the sources of their wealth.
Examples would include heads of state, politicians, senior members of the armed forces, judges, board members of central banks. In fact, there is no definitive list, and it includes not only them but family members and close associates. It was meant to cover kleptocrats, organised crime groups, terrorists, as an extra barrier to the washing of dirty money, but application of the regulations is blurry and the banks are allowed pretty much free licence.
The difficulty is they have become so nervous about their corporate reputations, anxious not to be outed by campaigners, that in some cases, they’ve allowed fear to take over. This has resulted in them applying their own values, which are at odds with those of clients.
Accompanied with this is the persistent widespread feeling that the banks and their bosses never paid the price for causing the crisis of 2008
So, anyone they regard as ‘extreme’ or likely to attract negative publicity from any quarter can be dragged in. Since Farage launched his attack, other well-known figures have come forward to say that they, too, have had trouble finding a bank.
Since banks were on the Remain side during the toxic EU debate, this has led to accusations they’re seeking revenge on Brexiteers. As the last few years have illustrated, the hangover from that turbulent period still lingers – those identified with either side of the dispute love to attach blame and labels. So, the banks are regarded as coming down heavily against those who persuaded the country to leave the EU – something Brexit-supporters and their friends in the media are publicly relishing.
Accompanied with this is the persistent widespread feeling that the banks and their bosses never paid the price for causing the crisis of 2008. This, and the taxpayer-funded bailout, followed by government austerity measures, makes them in the eyes of many a ready target.
Add to that, branch closures, high charges, slowness to pass on increases in interest rates to depositors and thumping profits, and they’re public enemy number one.
No one has a good word to say for them. No politician of any persuasion will speak on their behalf, the press sees them as fair game – they are there to be kicked mercilessly.
Allied to that is their own crass PR. They might be run by intelligent executives but too often these same chieftains lack empathy.
The upshot is the banks must reform how they conduct themselves, how they speak, what they say. They should look in the mirror and ask how they’re seen. Crucially, instead of being superior about it and falling back on management-speak and procedure, which translates to gobbledygook, they ought to embrace the society they’re part of and put themselves in the position of the consumer. Not easy, when you’re able to hide behind high-security doors and complex money matters and you’re earning mega-sums.
It should have been done long ago. As they’re finding out, via Farage, they no longer have a choice.
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
More from Rashmee Roshan Lall
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
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