Why King Charles’ exclusive bank has sparked outrage

Coutts has faced intense criticism in recent years, most notably in 2023 when it closed the report on British right-wing politician Nigel Farage. The bank initially suggested the decision was related to his political views, but a later report found this was due to his failure to meet the financial threshold.

One banking analyst said: “That episode put a spotlight on how these wealth thresholds work behind the scenes, and this latest increase only heightens questions about transparency and fairness.”

The expert added: “For many observers, this reinforces the idea that access to elite financial services is becoming more limited than ever.”

In a statement outlining the direction, Coutts said: “Our ambition is to be Britain’s number one chosen partner in private banking and wealth management. Last year we set out a strategy aimed at supporting clients through the right service model for their needs. We are also working to complete the acquisition of Evelyn Partners, announced in February, with regulatory approvals expected over the summer.”

The bank is currently completing the acquisition of Evelyn Partners, a move seen as part of its broader efforts to expand its wealth management capabilities while refining its focus on ultra-high-net-worth clients.