Nigel Farage, the former leader of the UK Independence Party (UKIP) and prominent Leave campaigner in the Brexit referendum, has alleged that his bank accounts have been closed without any explanation.

Farage, 59, stated that he had been a customer of a “prestigious” banking group for over 40 years but recently received a letter informing him of the closure of both his personal and business accounts. In a six-minute video posted on Twitter, he expressed his concern about the impact this decision could have on his future career and residency in the country.

“I got a phone call a couple of months ago to say ‘we are closing your accounts’, I asked ‘why’, no reason was given,” Farge said.

Farage revealed that when he asked for an explanation, he was informed over the phone that the closure was a “commercial decision.” He expressed doubts about this explanation, suggesting that the opposition of banks to Brexit and corporate resentment towards his role in the referendum might be factors influencing this decision.

Additionally, he speculated that the closure could be related to regulations concerning “politically exposed persons” (PEPs), which require enhanced due diligence measures from banks.

PEPs include individuals holding public office who are deemed to be at a higher risk of involvement in corruption or bribery due to their positions. While Farage acknowledged the need for banks to prevent corrupt politicians from receiving funds, he argued that the compliance costs imposed on banks should be proportionate.

“There is nothing irregular or unusual about what I do, the payments that go in and come out every month are pretty much the same, I maintain in my business account quite a big positive cash balance, which I guess with interest rates where they are is pretty good for the bank too,” he explained.

The former MEP expressed concerns that his treatment by the banking sector may be indicative of a larger issue, citing the rejection of his applications by seven other banks. He claimed that people with traditionalist or conservative views were facing prejudice, and that there was an “outrageous” and one-sided approach against those who held such beliefs.

“So I thought, well there we are, I’ll have to go and find a different bank, I’ve been to seven banks, asked them all ‘could I have a personal and a business account?’, and the answer has been no in every single case,” he added.

Farage warned his viewers that their social media activities could lead to similar consequences, urging them to speak out against this “madness.”

“We have to stop this madness… This is serious political persecution at the very highest level of our system. If they can do it to me, they can do it to you too,” the former MP said.

Banking cancel culture

Farage’s claims are part of a growing trend where individuals are facing account closures and refusals from banks based on their political or social beliefs. Reverend Richard Fothergill, a customer of Yorkshire Building Society, had his account closed shortly after criticizing the company’s public messaging during Pride month.

“I wrote to them on their feedback portal making two points: one was ‘is this really a good use of your time, you’re not here for social engineering’ and [secondly] said I have serious ethical problems with the transsexual element, and the implications of broadcasting that to young children,” he said.

Last week, in a letter he received, he was informed that his relationship with YBS had “irreversibly deteriorated” and that the company has a “firm stance against any form of discrimination.”

According to a YBS spokesperson, the company does not close savings accounts based on varying opinions or beliefs. They clarified that an account is only closed in instances where a customer engages in behavior that is deemed rude, abusive, violent, or discriminatory.

Urgent calls for changes to financial regulations have emerged, as more individuals find themselves targeted by what is being called “banking cancel culture.”

Barclays Bank recently faced compensation claims from Christian ministry groups after their accounts were closed due to pressure from LGBTQ+ groups concerned about conversion therapy practices. Barclays settled the claims by offering over £20,000 in compensation.

In a similar vein, Henrik Overgaard Nielsen, a former MEP for the Brexit Party, was informed that his account with MetroBank would be closed, leading to suspicions of political motivation.

The Free Speech Union, represented by Toby Young, is calling for immediate changes to financial regulations to prevent such political discrimination by banks. The Union likened these account closures to “a new and sinister form of cancel culture,” urging the Treasury to take action to protect individuals’ rights to hold different opinions or beliefs.

“It’s the kind of thing you’d expect in Communist China, not a supposedly free country like ours,” he said.

Information for this briefing was found via SkyNews, Telegraph, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.