As Nigel Farage awaits the findings of a standards watchdog investigation into a £5m gift he received from the British-Thai crypto billionaire Christopher Harborne, fresh allegations about his finances have emerged.

We take a look at the latest claims.

What are the latest allegations?

George Cottrell, a longtime aide to Farage, provided funding for the Reform UK leader’s operation, including for staffing, security and housing, according to a report in the Sunday Times.

Cottrell recruited and paid three staff to work on Farage’s social media before the general election, and offered him the use of a five-storey Georgian townhouse he rented near Buckingham Palace, according to the newspaper.

Under rules in place at the time, new MPs were required to register any gifts worth more than £300 they had received in the previous 12 months, except where the gift “could not be reasonably thought by others” to relate to their political activities.

The Liberal Democrats have written to the parliamentary standards commissioner, Daniel Greenberg, asking him to look into the gifts provided by Cottrell. He is already investigating the £5m gift from Harborne.

Who is George Cottrell?

Cottrell reportedly remains a close adviser to Farage after first becoming involved in Ukip as a volunteer in the run-up to the Brexit referendum.

The Gloucester-born aristocrat was privately educated on the luxury Caribbean island of Mustique followed by Malvern College in Worcestershire.

Nicknamed “Posh George” by the Brexit campaign donor Arron Banks, Cottrell was previously a volunteer for Farage in 2016, at the age of 22, after being introduced by his aristocratic uncle Lord Hesketh, a former treasurer of Reform’s predecessor party Ukip, according to Banks’s memoir.

He was jailed for eight months in the US in 2017 after pleading guilty to a charge of wire fraud after admitting attempting to defraud criminals on the dark web by masquerading as a money launderer.

Some time after his release he moved to Montenegro, where he became a familiar figure in the luxurious coastal resort of Porto Montenegro, which is a haven for the super-rich.

What has Reform said?

Reform’s Treasury spokesperson, Robert Jenrick, said Cottrell was an old friend of Farage’s and had “no formal role within Reform”.

He said no rules have been broken because Farage had received the financial support before he became a member of parliament.

Asked if Cottrell had paid for Farage’s security and staff in 2024, Jenrick told the BBC’s Sunday With Laura Kuenssberg programme he did, but said: “It’s perfectly legitimate for a personal friend to offer you security.

“The question really is, did he need to report this? No, because it was a personal friend, and it was before he was a member of parliament.”

Is this connected to the £5m donation Farage received?

No. That is a separate issue. The Guardian previously revealed that Farage received a £5m gift from Harborne in the weeks before announcing he would stand as a candidate in the 2024 general election.

Farage has reasoned that he did not need to declare the money because it was not related to politics.

He originally said Harborne’s gift had been intended to cover his personal security costs and therefore did not need to be declared. But after it emerged that Farage bought a £1.4m property in cash shortly after receiving the gift, he appeared to change this line, saying it was a “reward” for campaigning for Brexit for 27 years.

The parliamentary standards watchdog launched an investigation in May into whether the £5m fell within rules requiring MPs to declare any potentially relevant gifts or donations received in the 12 months before entering parliament.

Greenberg is expected to report his findings before parliament rises for the summer.

Who is Christopher Harborne?

Harborne is a British-Thai billionnaire based in Thailand. He was an early buyer of digital tokens that have soared in value. He is one of half a dozen enigmatic tech types who own Tether, the company that issues the most widely traded cryptocurrency.

Registered in El Salvador with a tiny staff, Tether has been described as the most profitable company per employee in history. It has issued $184bn (£137bn) in digital cash known as stablecoins.

What happens if the standards watchdog finds Farage has broken the rules?

The parliamentary commissioner for standards has the power to investigate and uphold an allegation that an MP has breached its code of conduct.

For less serious breaches, the MP has the opportunity to acknowledge and apologise for their breach, as well as explain steps they are taking to prevent future breaches.

In more serious cases, the commissioner will refer the matter to parliament’s committee on standards, which will reach its own conclusion on whether a breach has occurred, and if so, it may recommend a sanction which can include suspension from the Commons.

If Farage is suspended for more than 10 sitting days, his constituents have the chance to trigger a byelection by organising a recall petition signed by 10% of eligible registered voters in his Clacton seat.