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Richard Tice: Bank forced my relative to show her mother’s will to deposit cash
Reform UK leader says ‘emotionally intrusive’ demand is another example of how banks are targeting politicians’ families
![Richard Tice Reform UK leader debanking scandal politically exposed persons finance](https://www.telegraph.co.uk/content/dam/politics/2023/09/03/TELEMMGLPICT000347223696_16937699712690_trans_NvBQzQNjv4BqQaIv7F05Xgj44IfSxP8_1EI2ErIPANBpthYZqQENy04.jpeg?imwidth=680)
Richard Tice revealed how a close relative was ordered to produce her mother’s will to deposit cash because she is related to him.
The Reform UK leader said that the “emotionally intrusive” demand was the latest example of how banks are targeting the families of politicians.
It came after a number of peers revealed that their children had been denied bank accounts because their parents sit in the House of Lords.
Ministers have pledged to overhaul rules on “politically exposed persons” over concerns they are being abused by financial institutions.
Mr Tice said that his close relative was asked for their mother’s will to “prove the source of funds” after she died a couple of years ago.
He added: “It’s pretty emotionally intrusive that a bank is going to ask for a copy of a person’s will who has died in order to see the trail of where cash has come from.
“I think it’s absolutely outrageous and the banks are completely misinterpreting the purposes of the legislation.”
The Reform UK leader warned that the impact on families “means smart and successful people will avoid going into public life and politics”.
Andrew Griffith, the Economic Secretary to the Treasury, has called on the Financial Conduct Authority (FCA) to speed up an investigation into how banks are applying the rules.
The Government also plans to scrap EU-era rules that mean British politicians have to be treated as posing the same money laundering risk as foreigners.
It comes after he revealed how he was turned down by one bank for a business loan last year because of the reputational risk given his leadership of Reform UK.
Last April, Mr Tice had applied to Swiss Re for a loan for his business Quidnet REIT.
Internal bank documents he obtained by a subject access request show that he was rejected for the loan on the grounds of being a “reputational risk”.
They said: “Quidnet CEO is Richard Tice, a former member of the European Parliament for the East of England. He is currently leader of Reform UK.”
FCA opens investigation
Nigel Farage, Mr Tice’s Reform UK predecessor, lifted the lid on the behaviour of banks when he revealed that Coutts had cancelled his account because of his political views.
The FCA has opened an investigation into account closures on the back of the revelations, with ministers pledging to tighten up the rules if necessary.
Downing Street is even considering threatening banks with having their licences stripped if they debank people based on their opinions.