December 2023
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Why would Nigel Farage want to be associated with the crooks at Coutts?

Monday/Tuesday blog

Coutts Bank apears to be a highly disreputable bank which discriminates against millionaires in favour of multimillionaires and seems to be happy to take money from any passing kleptocrat or fraudster. Being associated with Coutts could be damaging to Nigel Farage’s reputation.

Coutts’s Wikipedia page reports of enormous financial malpractice by Coutts, which was fined £8.75m for breaches of money laundering rules. The FSA reviewed a sample of 103 high-risk customer files, and identified appalling deficiencies in 73 of them. The FSA’s acting director of enforcement and financial crime, Tracey McDermott, said that “Coutts’s failings were significant, widespread and unacceptable. Its conduct fell well below the standards we expect and the size of the financial penalty demonstrates how seriously we view its failures”.

In November 2011 the Financial Services Authority (FSA) fined Coutts £6.3m for mis-selling the American International Group (AIG) Enhanced Variable Rate Fund. In 2021, a sovereign wealth fund, 1MDB, sued Coutts & Co. for $1.03 billion claiming, “negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance”. Also Swiss markets watchdog FINMA ordered Coutts & Co to pay 6.5 million Swiss francs for breaching money-laundering regulations in its business linked to 1MDB.

4 comments to Why would Nigel Farage want to be associated with the crooks at Coutts?

  • A Thorpe

    What is the situation with all the other banks? What we should be concerned about is that we had to bail them out and they have not changed as a result. The options are another bail out which we cannot afford or CBDC which is what the banks want, alternatively let them fail. All the options are bad for us and the option we will get is the one that suits the bank.

  • Paul Chambers

    Coutts say they are a private bank and specialise in wealth management. I assume this is code for tax efficiency and helping their clients pay less tax.

    I do not seem to recall seeing the directors ever suggest their clients may wish to donate their wealth to the state. Or pay extra taxes to help us pay for all their beliefs. If you want to push collectivism on the plebs surely that should be at the top of their agenda?

    Sir nigel is like his friend the Donald all rather old school in many ways. Far too trusting in this modern world were people will literally apply Maoist cancellation to you for some offhand remark or watch you die at the side of the road they are blocking for their made up beliefs.

  • Carolyn

    I can’t remember if my first bank account was chosen because it had a branch nearest to me or whether it was because my parents banked there, they all provided much the same service so I didn’t put a great deal of thought into it.

    50 years on not much has changed, they’re all tarred with the same brush. All signed up to all the wokery and with their snouts buried in the trough. Hopefully Farage can focus their attention on what they are there for but I’m not holding my breath.

  • NoVaxxholeMe

    I have not heard the ESG discussed on this blog. It seems to be the disease that is responsible for the adherence by corporations and banks to all of the crippling woke BS.

    Dewbs & Co – Monday 31st July 2023 – with the excellent Ben Habib discusses the ESG in her show tonight. Here is the link:

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