Coutts boss Peter Flavel resigns over Farage account closure
The boss of private bank Coutts has resigned for his part in the closure of Nigel Farage’s bank account.
Peter Flavel’s resignation follows the departure of Natwest boss Dame Alison Rose in the early hours of Wednesday morning and comes as pressure grows on other members of the Natwest board to step down over the issue.
“In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service,” Flavel said.
“As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”
Acting chief executive Paul Thwaite said the decision was made by “mutual consent”.
“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider group,” he said.
Mohammad Kamal Syed has been asked to step into the role of interim chief executive. Thwaite said he is “the ideal person to lead Coutts through this difficult time”.
In a tweet, Farage said that “it was only a matter of time before Peter Flavel, Coutts CEO, stood down.”
“The ultimate responsibility for the dossier de-banking me for my political views lies with him,” the former UKIP leader continued.
Natwest, the owner of Coutts, has been engulfed in turmoil after it was revealed that Nigel Farage’s bank account had been closed, in part because of his political opinions.
The board has been under significant pressure for its poor handling of the issue. Initially the board supported boss Alison Rose, even after she admitted to unwittingly being the source for an inaccurate BBC story, which claimed Farage’s account had been closed for falling below the required wealth threshold.
However, Rose resigned just hours later after figures in the government expressed concern at the initial decision to keep her. Natwest is 39 per cent owned by the taxpayer.