Financial watchdog highlights potential 'regulatory breaches' as bank chief apologises and independent report finds mistakes in how account was shut
Financial watchdog highlights potential ‘regulatory breaches’ as bank chief apologises and independent report finds mistakes in how account was shutNatWest bank has said there were “serious failings” in the way its subsidiary Coutts treated Nigel Farage when it closed his account – as an independent report found the decision itself was lawful.
However, “Coutts considered its relationship with Mr Farage to be commercially unviable because it was significantly loss-making,” the report, by legal firm Travers Smith, said. Dame Alison was forced to step down in July after she admitted making a “serious error of judgment” after speaking to a journalist about Mr Farage’s banking at Coutts. The report found the executive made an “honest mistake”.
Mr Farage called the findings “mealy-mouthed” and “laughable”, adding: “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.” He said bank documents about the closure of his accounts which have been disclosed to him mentioned the word Brexit 86 times, adding: “What planet are they living on?”said the report “highlighted potential regulatory breaches and a number of areas for improvement”.
“The ICO also concluded the ‘impact around this specific disclosure was minimal’. Travers Smith is clear that ‘there was no leak of specific detailed financial information’.
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