NatWest and Nigel Farage have come to an agreement regarding the closure of his bank account, ending a long-standing dispute. Almost two years ago, the leader of Reform UK had his account with Coutts, a prestigious private bank owned by NatWest Group, shut down. This incident sparked a public feud between Farage and the bank, leading to NatWest’s chief executive, Dame Alison Rose, stepping down after admitting to “serious failings” in their treatment of the politician.
The terms of the settlement between NatWest and Nigel Farage have been kept confidential. In a joint statement released on Wednesday, both parties confirmed that they have resolved the dispute, with the bank issuing an apology to Mr. Farage. The dispute originated in 2023, when Farage, a prominent proponent of Brexit, announced that Coutts intended to close his account without providing a clear reason for doing so. Reports later revealed that his account was being closed because he no longer met the wealth requirements set by Coutts.
Subsequently, a report obtained by the former UKIP leader indicated that his political beliefs were also taken into consideration during the decision-making process. Dame Alison resigned in July 2023 following the controversy, acknowledging her mistake in discussing Mr. Farage’s relationship with the bank publicly. The incident sparked a wider conversation about individuals having their bank accounts terminated due to their ideological stances, with Farage claiming that he was rejected by seven additional banks in the UK for personal and business accounts.
An independent investigation found that NatWest failed to effectively communicate its rationale for closing Farage’s Coutts account, although the decision was ultimately found to be lawful and primarily driven by commercial considerations. The resolution of this dispute marks the conclusion of a tumultuous chapter between Nigel Farage and NatWest, with both parties expressing satisfaction with the settlement
Read the full article from The BBC here: Read More
