NatWest made “serious failings” in communicating the closure of Nigel Farage’s Coutts bank account, according to an independent review. The report stated that the closure did not follow the bank’s policies. However, the review found that the closure was legal and based on commercial reasons. Farage called the law firm Travers Smith, which conducted the investigation, “mealy-mouthed” and claimed the report was a “whitewash”. Travers Smith said that the bank’s decision to close the account was “mainly a commercial decision”. The bank apologised for what it called its “shortcomings” in how it communicated with Farage.
The former UKIP leader had claimed that the account had been closed because the bank disagreed with his political beliefs. However, the review found that the bank’s relationship with him was “commercially unviable because it was significantly loss-making”. The bank also considered the impact on its reputation among stakeholders in making its decision.
Dame Alison Rose, who was CEO of NatWest at the time, admitted making a mistake in discussing Farage’s relationship with the bank. She resigned as a result of the incident.
Sir Howard Davies, chairman of NatWest Group, apologised to Farage and said that the bank’s communication with him had fallen short of customer expectations. The report did not identify any breach of regulations by the bank.
The closure of Farage’s account is part of a broader trend of UK banks severing relationships with businesses, charities, and individuals due to concerns surrounding money laundering and sanctions. However, there have also been concerns that banks are closing accounts for political reasons
Read the full article from The BBC here: Read More