The City Minister is set to interrogate bank heads today over concerns related to account closures based on customers’ political views.
This meeting with Andrew Griffith assumes increased importance following the abrupt resignation of NatWest CEO Dame Alison Rose. She confessed to leaking confidential banking information about Nigel Farage to the BBC, leading to her departure.
Her resignation came a few hours after Downing Street voiced serious concerns about her potential continuance in the position. Nigel Farage considered her resignation a “good start,” but insisted on the entire board’s removal, following weeks of controversy over the decision by Coutts to cease services for Farage due to his political beliefs.
Coutts, a subsidiary of NatWest, which is about 39% taxpayer-owned, has been at the center of this controversy. The meeting led by Mr. Griffith with banking leaders precedes anticipated government reforms that would require banks to justify and postpone such decisions.
NatWest shares slump as markets open
Shares in NatWest dropped by 4pc as markets opened in London, following the resignation of chief executive Dame Alison Rose.It helped drag down the FTSE 100 by 0.2pc to 7,667.34, while the midcap FTSE 250 was flat at 19,155.06. https://t.co/ICR0EgtzGT
— Share_Talk ™ (@Share_Talk) July 26, 2023
Nigel Farage has stated that while the resignation of NatWest chief Dame Alison Rose is a step in the right direction, the entire board should be replaced.
NatWest Group’s chairman, Sir Howard Davies, confirmed in an overnight statement that Dame Alison was indeed stepping down. Despite the board initially expressing their “full confidence” in the CEO, her status grew increasingly uncertain following Chancellor and Downing Street’s reported “serious concerns” about her conduct.
The ex-Ukip leader criticized the broader NatWest Board, remarking, “Everyone on the board who supported yesterday’s completely unsustainable and untrue statement at 17:42 should resign.”
Mr. Farage has demanded a shift in the bank’s culture and the larger industry, vowing to persist with his campaign against account closures. He told the PA news agency that he wants NatWest to return to its role as a bank instead of acting as a moral judge for political stances.
He further commented, “But I believe this culture is deeply entrenched in the entire banking industry. There’s a significant anti-Brexit bias, and the whole situation needs transformation.”
