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Coutts VS Nigel Farage
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 Wisbech Eagle  Truro Cornwall 02 Aug 23 12.07pm |
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Originally posted by NEILLO
Originally posted by Wisbech Eagle
The level of care that would ensure nothing was said or documented that could later be misinterpreted, misunderstood or misrepresented. The production of a final watertight document screened from every legal angle and handled quietly. [/ The Exit Documents can only be handled “ quietly “ if the client accepts the decision , does not apply for a SAR , and has no cause for complaint. It looks like this incident is going to result in new regulation in one form or another. And that may well address the issues raised Which is why should NatWest ever decide to close Farage's account again it would probably be handled by a lawyer. Which was the original question. We'll see whether any new regulations result from this. They would be scrutinised by not only the banks but also the whole financial services industry, who have a significant amount of influence over the current government. So whilst political capital is being made, and the hard PR lessons are learned, I don't think the Tories will want to rush their fences before a GE. Maybe as part of a "come buy me" promise in a manifesto they don't expect to be able to implement.
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Teddy Eagle  02 Aug 23 12.28pm |
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Originally posted by Wisbech Eagle
The level of care that would ensure nothing was said or documented that could later be misinterpreted, misunderstood or misrepresented. The production of a final watertight document screened from every legal angle and handled quietly. How do they produce a watertight document proving they would suffer reputational damage by association with an account holder?
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| NEILLO Shoreham-by-Sea 02 Aug 23 12.44pm |
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Originally posted by Wisbech Eagle
Which is why should NatWest ever decide to close Farage's account again it would probably be handled by a lawyer. Which was the original question. We'll see whether any new regulations result from this. They would be scrutinised by not only the banks but also the whole financial services industry, who have a significant amount of influence over the current government. So whilst political capital is being made, and the hard PR lessons are learned, I don't think the Tories will want to rush their fences before a GE. Maybe as part of a "come buy me" promise in a manifesto they don't expect to be able to implement. I was responding to your answer to the original question. Of course there are many different disciplines in The Law, but historically banks have hired Lawyers in their Compliance areas in the most senior positions. Obviously I have no oversight of the NF - Coutts documentation but I would be very surprised if it had not already been reviewed by one of their lawyers given the sensitivity of the issue. Again, we will see once the results of the inquiry are made known. As for the Government rushing to implement any new regulation, it’s hardly top priority at this time. I think the banks will be treading carefully from now on so in that way they will be ‘ self regulating ‘ in the interim
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 Hrolf The Ganger 02 Aug 23 12.58pm |
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Originally posted by NEILLO
I was responding to your answer to the original question. Of course there are many different disciplines in The Law, but historically banks have hired Lawyers in their Compliance areas in the most senior positions. Obviously I have no oversight of the NF - Coutts documentation but I would be very surprised if it had not already been reviewed by one of their lawyers given the sensitivity of the issue. Again, we will see once the results of the inquiry are made known. As for the Government rushing to implement any new regulation, it’s hardly top priority at this time. I think the banks will be treading carefully from now on so in that way they will be ‘ self regulating ‘ in the interim Wisbech has spent many precious hours attempting to misdirect this thread from the real story. Farage was denied an account because he does not subscribe to the kind of Liberal Left nonsense that business is currently trying to profit from and a purple haired CEO didn't like. All talk of reputational damage and business practices is just a smokescreen for social engineering that is driven by greed.
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| Wisbech Eagle Truro Cornwall 02 Aug 23 2.25pm |
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Originally posted by Hrolf The Ganger
Wisbech has spent many precious hours attempting to misdirect this thread from the real story. Farage was denied an account because he does not subscribe to the kind of Liberal Left nonsense that business is currently trying to profit from and a purple haired CEO didn't like. All talk of reputational damage and business practices is just a smokescreen for social engineering that is driven by greed. Hopeless! Farage was not denied an account because of the nature of his controversial opinions. He was denied an account because he is a PEP with controversial opinions. If he was a populist with a daily TV show who promoted strident left-wing ideas at every turn he would have been subjected to exactly the same process and outcome. The opinions themselves were never the issue. That's just what Farage and the right-wing press want you to believe. He wants to be seen as a martyr.
For the avoidance of doubt any comments in response to a previous post are directed to its ideas and not at any, or all, posters personally. |
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| Hrolf The Ganger 02 Aug 23 2.56pm |
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Originally posted by Wisbech Eagle
Hopeless! Farage was not denied an account because of the nature of his controversial opinions. He was denied an account because he is a PEP with controversial opinions. If he was a populist with a daily TV show who promoted strident left-wing ideas at every turn he would have been subjected to exactly the same process and outcome. The opinions themselves were never the issue. That's just what Farage and the right-wing press want you to believe. He wants to be seen as a martyr. That isn't supported by the facts. It doesn't matter what the opinions are in any case. This is about freedom, not political persuasion.
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| Wisbech Eagle Truro Cornwall 02 Aug 23 3.18pm |
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Originally posted by Hrolf The Ganger
That isn't supported by the facts. It doesn't matter what the opinions are in any case. This is about freedom, not political persuasion. They are the facts. You are seeing the "alternative" type so favoured by the man you admire in the USA. You are right though. It is about freedom. The freedom of businesses to take care of their bottom line, free of political persuasion. Just so long as they don't discriminate illegally.
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| eaglesdare 02 Aug 23 3.19pm |
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Originally posted by Hrolf The Ganger
Wisbech has spent many precious hours attempting to misdirect this thread from the real story. Farage was denied an account because he does not subscribe to the kind of Liberal Left nonsense that business is currently trying to profit from and a purple haired CEO didn't like. All talk of reputational damage and business practices is just a smokescreen for social engineering that is driven by greed. Spot on!
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| NEILLO Shoreham-by-Sea 02 Aug 23 3.20pm |
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Originally posted by Hrolf The Ganger
That isn't supported by the facts. It doesn't matter what the opinions are in any case. This is about freedom, not political persuasion. Quite . Although not in WE’s opinion
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| Hrolf The Ganger 02 Aug 23 3.30pm |
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Originally posted by Wisbech Eagle
They are the facts. You are seeing the "alternative" type so favoured by the man you admire in the USA. You are right though. It is about freedom. The freedom of businesses to take care of their bottom line, free of political persuasion. Just so long as they don't discriminate illegally. Clearly, the law needs changing. This kind of business practice does not serve the common good.
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| Gregsy Shoreham By Sea 02 Aug 23 4.27pm |
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Originally posted by HKOwen
There is a parallel with Royal Mail not wanting to deliver to non profitable remoter areas. I would support a relaunch of a govt owned bank that provided services to individuals only, cards, savings accounts and basic operating functions, no mortgages , no commercial loans.Debit cards only not credit cards, make it as risk free as possible. Banks make their money by taking your money and investing it. The profits from those investments then pay for the running of the bank, paying you interest and the rest is profit for the bank. If you say that a bank can no longer invest that money in risky things like credit cards, mortgages etc it means they won't earn as much money from investing your money. Implementing this no risk policy would likely mean the end of free banking.
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| Badger11 Beckenham 02 Aug 23 4.41pm |
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Originally posted by Gregsy
Banks make their money by taking your money and investing it. The profits from those investments then pay for the running of the bank, paying you interest and the rest is profit for the bank. If you say that a bank can no longer invest that money in risky things like credit cards, mortgages etc it means they won't earn as much money from investing your money. Implementing this no risk policy would likely mean the end of free banking. Correct, however it costs banks a huge amount of money to employ investment experts / risk managers and all the paraphernalia that goes with investment banking If I was starting a basic bank today I would not have many bricks and mortar branches and would only offer a limited banking service e.g. direct debits / credit cards etc but not mortgages and only limited loans. You could make huge costs savings in personnel by only offering a limited service. You probably would need to charge a fee for a current account but something like £10 per month would probably cover it.
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