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.
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
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6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
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Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
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Dust and sand storms compared
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Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
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McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
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4. The biggest black holes lurk at the centre of many galaxies, including our own
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Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
UAE currency: the story behind the money in your pockets
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Our family matters legal consultant
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