- NatWest CEO apologizes for “deeply inappropriate comments” about Nigel Farage’s account closure
- Government introduces new restrictions on banks closing accounts to protect free speech
- NatWest to conduct comprehensive review of bank’s procedures following the controversy
NatWest’s CEO promises to investigate the bank’s processes in a letter to the former UKIP leader.
After Coutts terminated his account, its CEO apologised to Nigel Farage.
The former leader of the UK Independence Party (UKIP) and Brexit Party (Brexit Party) claimed that the prestigious bank took the action because his views did not align with the institution’s “values.
However, other media reports suggested that he did not meet the company’s financial requirements.
Mr. Farage stated earlier this week that he possessed a 40-page document proving that Coutts “fired” him because he was perceived as “xenophobic and racist” and a former “fascist.”
However, Coutts responded that it did not terminate accounts “solely based on legally held political and personal views.”
Alison Rose, the chief executive of the Natwest Group, has apologized for “deeply inappropriate comments” made about him in documents prepared for the company’s wealth committee after weeks of the controversy playing out in public.
In a letter to him, she insisted that the remarks “do not reflect the view of the bank” and added, “I believe strongly that freedom of expression and access to banking is fundamental to our society, and it is not our policy to terminate a customer based on legally held political and personal views.”
Now, the bank provides “alternative banking arrangements” at NatWest.
The contrition followed the Treasury’s announcement of new, more stringent restrictions on banks closing accounts to protect free speech.
The government stated that organizations must now inform customers of the reasons for account closures and extend the notice period from 30 to 90 days, giving customers more time to contest the decision or locate a new financial institution.
Andrew Griffith, economic secretary to the Treasury, stated, “Freedom of speech is a pillar of our democracy and must be respected by all institutions.
“Banks occupy a privileged position in society, and it is only fair that we strike a fair balance between their right to act in their commercial interest and everyone’s right to express themselves freely.”
On GB News, Mr. Farage said, “It’s a start, but not much more than that.”
He accused the CEO of being “forced into doing this by the Treasury” and said the letter “smacks of ‘not me guv… don’t blame me for what the banks under my direct control are doing’.”
Mr. Farage also expressed reservations about accepting her offer of a Natwest bank account, stating, “How long until they close me down?” Because there is no assurance they will retain me as a client.”
He said the bank should now focus on UK account closures, which are “making their lives a living hell.”
Ms. Rose stated in her letter that she “fully understands” both Mr. Farage’s and the public’s concerns that the processes for bank account closures were not “sufficiently transparent,” adding: “Customers have the right to expect their bank to make consistent decisions based on publicly available criteria, and those decisions should be communicated clearly and openly with them, within the constraints of the law.
She agreed that “sector-wide change” was required, but following the incident involving Mr. Farage and Coutts, she would now order a comprehensive review of the bank’s procedures “to ensure we provide a better, clearer, and more consistent customer experience in the future.”
In a second statement, Ms. Rose reiterated her apology and added, “It is not our policy to terminate a customer based on their legally held political and personal views.”
“Account closure decisions are not made lightly and involve a variety of considerations, including commercial viability, reputational factors, and legal and regulatory requirements.”
