The NatWest Group has pledged to implement all recommendations from an independent review by Travers Smith, after an analysis into the decision to close the Coutts accounts of Mr Farage and an associated potential breach of client confidentiality.
Released today, the report commissioned by the board in July, confirmed that the account closure decision was lawful and in line with bank policies. However, the review identified significant shortcomings in the decision-making process, communication practices with Mr Farage, and the handling of his confidential data.
Addressing the findings, NatWest Group chairman, Sir Howard Davies, said: “This report sets out a number of serious failings in the treatment of Mr Farage. Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings… We apologise once again to Mr Farage for how he has been treated. His experience fell short of the standards that any customer should expect.”
Among the primary conclusions, the report determined that the exit decision was predominantly a commercial move. It was revealed that Coutts viewed its business relationship with Mr Farage as financially unviable due to significant losses. The report also addressed the circumstances surrounding a potential breach of GDPR related to confidential information linked to Mr Farage.
Furthermore, the Financial Conduct Authority confirmed an ongoing supervisory investigation into both the NatWest Group and Coutts, focusing on the firms’ governance, systems, and controls.
The NatWest Group has additionally unveiled plans to overhaul several policies and procedures, emphasizing a commitment to ensuring customer beliefs or opinions remain separate from banking decisions. Phase II of the review, analysing a broader range of Coutts’ account closures over the past two years, remains underway. The findings are anticipated later this year, with a comprehensive report on key findings and recommended actions to follow.
