Claim c6f63589Checked 21 Jul 2026
Partly True/FalseOn the truth scale
“Farage does not defend the banking industry's worst excesses.”
Reasoning & Evidence21 Jul 2026
In the interview itself (late 2011), Farage explicitly stated he is "not defending the worst excesses of the banking industry at all" and added that "many of those people should be in prison." Public evidence around that time shows Farage did criticize certain aspects of banking behavior and blamed regulators, politicians, and banks for the financial crisis. However, his broader public record complicates the picture. Around the same period, he positioned himself as a defender of the City of London against EU regulation, opposing the EU financial transactions tax and other regulatory measures he characterized as attacks on Britain's financial services sector. In 2014, Euromoney reported that Farage "doesn't believe in regulating bonuses," indicating opposition to one of the key measures advocated to curb banking excess. Critics have argued that his defense of the City and opposition to bonus caps and financial regulation amount to defending aspects of the industry that many consider excessive. Thus, while Farage has indeed criticized the "worst excesses" (even calling for bankers to be imprisoned), his record also shows opposition to regulatory measures aimed at curbing practices widely characterized as excesses, which materially affects the impression the claim gives.
Sources:
- Nigel Farage: Who will defend the City? — London Loves Business (https://londonlovesbusiness.com/nigel-farage-who-will-defend-the-city/)
- UKIP's Nigel Farage "Doesn't believe in regulating bonuses" — Euromoney (https://www.euromoney.com/article/b12kjy8nsnfg3y/ukips-nigel-farage-doesnt-believe-in-regulating-bonuses-video)
- UKIP's Stance on the City Undermines Its Anti-Establishment Rhetoric — HuffPost UK (https://www.huffingtonpost.co.uk/keith-taylor/ukips-stance-on-the-city-_b_5239470.html)
- Nigel Farage: UK has lost control of financial regulation to Europe — Money Marketing (https://www.moneymarketing.co.uk/news/nigel-farage-uk-has-lost-control-of-financial-regulation-to-europe/)
From article
If you allow banks to be very greedy, they will be very greedy, because that’s human nature – and to a large extent that is what’s happened. I am not defending the worst excesses of the banking industry at all – no doubt many of those people should be in prison for what they have done. As should the regulators and the politicians that allowed it.
Sources opened