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I've now had a chance to read all 40 pages of the Coutts dossier on Farage and it's 9 pages of internal risk assessment discussion (1-4, 8-12) 29 pages of evidence (5-7, 13-38) referred to in the risk assessment pages, 1 page of decision (39) and 1 page of glossary (40).
1/9
1/9
In reverse order:
The glossary is....a glossary. 🤷♂️
The 2023 decision makes it clear "The relationship has been below commercial criteria for some time" and explains "perceived risks for the future weighed against the benefit of retention the decision was taken to exit"
2/9
The glossary is....a glossary. 🤷♂️
The 2023 decision makes it clear "The relationship has been below commercial criteria for some time" and explains "perceived risks for the future weighed against the benefit of retention the decision was taken to exit"
2/9
The evidence comprises newspaper reports, third party opinions and quotes from Farage himself....none of which is attributable to Coutts.
Which leaves the risk assessments.
3/9
Which leaves the risk assessments.
3/9
Imho, there's NOTHING in there that warrants his reaction, or could be described as "deeply inappropriate" per the "apology" letter.
The decision making process seems pretty clear and business minded.
4/9
The decision making process seems pretty clear and business minded.
4/9
P1: from 2022 "NF currently has a mortgage with Coutts, which is due to expire in July 2023 and which, on a commercial basis, we would not look to renew and so would suggest winding down the connection on that basis."
5/9
5/9
P8: "Although he does not align with our views, is likely to be the same for a number of the bank’s customers."
They recommend keeping him DESPITE his views but the next part of the memo discussion is interesting...
6/9
They recommend keeping him DESPITE his views but the next part of the memo discussion is interesting...
6/9
On realising Farage will be under criteria, and they have no commercial reason to maintain him:
P:9 "It is likely that NF would perceive a decision to exit him as ‘unfair’ and he would almost certainly use his public platform to communicate this dissatisfaction."
Prescient
7/9
P:9 "It is likely that NF would perceive a decision to exit him as ‘unfair’ and he would almost certainly use his public platform to communicate this dissatisfaction."
Prescient
7/9
P11: "In the interests of treating NF fairly and minimising reputational risk, if decision to exit is agreed, I recommend giving advanced notice that we do not have appetite to renew his mortgage or provide banking facilities after the fixed period expires in July 2023."
8/9
8/9
FAIRLY.
Coutts kept Farage DESPITE his reputation, anticipated the loss of criteria status, predicted his reaction, and STILL treated him fairly.
DAYS of coverage over a man having a hissy fit 'cos the private bank had no financial reason to go on stroking his ego.
9/9
🫳
🎤
Coutts kept Farage DESPITE his reputation, anticipated the loss of criteria status, predicted his reaction, and STILL treated him fairly.
DAYS of coverage over a man having a hissy fit 'cos the private bank had no financial reason to go on stroking his ego.
9/9
🫳
🎤
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