Delving further into NatWest’s situation, the bank has acknowledged “serious failings” in its dealings with Nigel Farage, as well as “clear deficiencies” in the process leading to the termination of his account with Coutts.
This statement came in response to the results of the independent review conducted by Travers Smith, which investigated the closure of the account and a potential violation of confidentiality.
This controversy led to the resignation of the former CEO, Alison Rose, who had shared information regarding the account closure with Simon Jack, the Business Editor at BBC.
The review clarified that Rose was not involved in the decision-making process to close the account, which was made during a meeting of the Wealth Reputational Risk Committee in November 2022.
The NatWest / Travers Smith report out this morning is a whitewash.
They say my political views “not aligning with the bank” was not in itself a political decision.
They also find no evidence my “pro-Brexit” views were a factor, despite Brexit appearing 86 times in the SAR. pic.twitter.com/dhKeXET3FT
— Nigel Farage (@Nigel_Farage) October 27, 2023
It was determined that the bank had adhered to legal requirements, including those pertaining to customer confidentiality and data protection laws, and that the decision to close the account was justified.
However, the review also uncovered several flaws in the decision-making process, in the bank’s communication with Farage, and in the handling of his confidential information.
NatWest has expressed its commitment to implementing all the recommendations put forth by Travers Smith.
The bank is currently contemplating the findings and determining the appropriate responses, which includes deliberating a “disclosure obligation” in connection to Rose’s remuneration.
Sir Howard Davies, Chairman of NatWest, commented, “This report highlights a number of grave shortcomings in how Mr Farage was treated.”
“Even though Travers Smith has validated the legal basis for terminating the account, the report lays bare significant deficiencies in the decision-making process, as well as lapses in our communication with him and regarding client confidentiality.”
“We extend our apologies to Mr Farage once more for the manner in which he was treated.”
