NatWest today released an independent report highlighting “serious shortcomings” in its handling of Nigel Farage and the circumstances surrounding the closure of the politician’s account earlier this year (Joe Giddens/PA) (PA Archive)Thank you for reading this post, don't forget to subscribe!
An independent report was published by NatWest today, which emphasized “serious shortcomings” in the handling of Nigel Farage and the circumstances surrounding the closure of the politician’s account earlier this year.
The report contains aspects that the City watchdog FCA referred to as “potential breaches” of regulations.
Sir Howard Davies, the chairman of NatWest, stated: “This report points out several serious flaws in the treatment of Mr. Farage. While Travers Smith confirms the valid reasons for the account closure, the findings also expose evident deficiencies in How this situation arose, how we communicated with him, and the lapses in customer privacy. We offer our sincere apologies to Mr. Faraz for his mistreatment. His experience did not meet the expected standards, which any customer should anticipate.
“Our responsibility now is to ensure that such incidents do not reoccur. The Bank is fully committed to implementing all the recommendations made by Travers Smith, and we are making significant policy and procedure changes, particularly to consider customers’ legally protected beliefs or opinions in our decision-making. This factor should not play any role.
“The board is assessing the findings and determining appropriate consequences for other matters. It is crucial that we take all necessary processes into consideration and give due regard to issues such as the bank’s obligations regarding confidentiality and privacy.”
Faraz dismissed the report as a “cover-up”, questioning the conclusion that closing his account “was not a politically motivated decision”.
A spokesperson for Dame Alison Rose declined to provide any comments.
You can find the complete report below: