Natwest boss apologises to Nigel Farage over Coutts account closures
Dame Alison Rose, chief executive of Natwest, has apologised to former UKIP leader Nigel Farage for “deeply inappropriate comments” made about him in official papers and has ordered a review of Coutts processes after the bank closed his accounts.
“I believe very strongly that freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views,” Rose wrote in a letter to Farage today.
“I am commissioning a full review of Coutts processes for how these decisions are made and communicated, to ensure we provide better, clearer and more consistent experience for customers in future,” she said.
The review will report to her directly, she added.
“I welcome the FCA’s reviews of regulatory rules associated with Politically Exposed Persons, and we will implement the recommendations of our review alongside any changes that they or the government makes to the overall regulatory framework,” Rose said.
It comes after the Treasury announced UK banks will be subject to stricter rules over closing customers’ accounts.
Banks will be forced to explain why they are shutting down someone’s account under the new rules. Previously they didn’t have to.
The government will also extend the notice period for a forced account closure from 30 days to 90 days.
Andrew Griffith, the economic secretary to the Treasury, said: “Freedom of speech is a cornerstone of our democracy, and it must be respected by all institutions.
“Banks occupy a privileged place in society, and it is right that we fairly balance the rights of banks to act in their commercial interest, with the right for everyone to express themselves freely.
“These changes will boost the rights of customers – providing real transparency, time to appeal and making it a much fairer playing field.”