Natwest Group Plc Chief Executive Officer Alison Rose has apologized to Nigel Farage for closing his Coutts account, saying she is commissioning a review of the lender’s processes in such matters.
(Bloomberg) — Natwest Group Plc Chief Executive Officer Alison Rose has apologized to Nigel Farage for closing his Coutts account, saying she is commissioning a review of the lender’s processes in such matters.
Rose said the papers prepared for the bank’s wealth committee on Farage “do not reflect the view of the bank” and it is “absolutely not our policy to exit a customer on the basis of legally held political and personal views.”
Her apology comes after Farage, former leader of the pro-Brexit UK Independence Party, said internal documents about him compiled by Coutts called for his account to be closed because he does not support the diversity, policies and purposes of the bank. His situation has drawn criticism from Conservative lawmakers as Prime Minister Rishi Sunak pledged to crack down on the practice.
Read More: Sunak Vows Crackdown as MPs Slam Closure of Farage Bank Account
In a separate announcement on Thursday, the UK Treasury instructed banks to delay decisions on account closures and give their customers better explanations for taking such decisions.
The changes mean that banks will have to serve a notice period of 90 days for closing an account and that lenders will have to “spell out why” they’re taking the step, the Treasury said in a statement.
“These changes will boost the rights of customers, providing real transparency, time to appeal and making it a much fairer playing field,” City Minister Andrew Griffith said in the statement.
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