NatWest Group CEO Alison Rose has resigned following the controversy surrounding the termination of Nigel Farage’s bank account by sister lender Coutts. Rose admitted to discussing the details of Farage’s account with a BBC reporter, leading to a controversial story for which the broadcaster later issued an apology. Initially, the board expressed support for Rose to remain as CEO, but early Wednesday morning, the bank announced her immediate departure by mutual consent.
In her statement, Rose expressed pride in the bank’s progress in supporting individuals, families, and businesses across the UK and building a foundation for sustainable growth.
NatWest’s ownership by the British taxpayer heightened public interest in the saga. While Rose’s performance as the first woman to lead a UK bank was commendable, her mistake of discussing sensitive customer details with a journalist violated the sacred trust with the British public. Danni Hewson, head of financial analysis at AJ Bell, stated that her resignation was the only viable option. The political and regulatory consequences of this incident are likely to have long-lasting effects.
Farage was informed last month that Coutts planned to sever ties with him. He obtained a dossier on himself from the bank through a subject access request and published it, claiming that his account was terminated due to his political views. This prompted Prime Minister Rishi Sunak and other members of the Conservative government to criticize the bank’s actions, alleging a violation of free speech. Farage was offered an alternative account at NatWest, but declined.
Critics argue that while Farage’s political profile and controversial views are frequently mentioned, the decision to end the banking relationship was primarily driven by commercial reasons and not his political affiliations.
The documents from Coutts reveal that Farage’s mortgage, set to expire in July 2023, played a significant role in the decision to wind down the banking relationship. Without the mortgage, his account value would fall below the bank’s commercial criteria, leading to the committee recommending an exit in July. Farage’s politically exposed person status was downgraded as he is no longer associated with any political party since stepping down as Brexit Party leader.
The fallout from the controversy includes Farage calling for the resignation of the entire NatWest Group executive board and a regulatory overhaul of Britain’s banking sector. The Financial Conduct Authority has expressed concerns and raised allegations regarding account closures and breaches of customer confidentiality, leading to NatWest launching an independent review.
In conclusion, this incident involving the termination of Nigel Farage’s bank account has resulted in the resignation of NatWest Group CEO Alison Rose, calls for regulatory changes, and ongoing investigations into the matter.
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