NatWest says no evidence of discrimination in Coutts bank account closures
NatWest says there's no evidence of discrimination in Coutts bank account closures
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NatWest Group bank Coutts closed hundreds of bank accounts, including an account held by Nigel Farage
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NatWest Group has said there is no evidence of discrimination due to political views in Coutts’ decision to close customer accounts, an independent review of the bank found.
NatWest owner Coutts said lawyers at Travers Smith analysed 84 account closures in the two years to July 28 – about a 10 per cent sample of all the relevant cases in that time.
Coutts closed around 900 accounts over a two-year period, including accounts of politicians known as politically exposed persons (PEPs), and not including inactive accounts or customers closing their own accounts.
The investigation was launched in July after former Brexit Party leader and GB News presenter Nigel Farage said the high-net-worth bank unfairly closed his account because it didn’t agree with his political views.
WATCH NOW: Nigel Farage on Coutts closing his account on July 18
The report has found that decision-making was appropriate and consistent with industry standards.
It found there was no evidence of discrimination due to political views or affiliations, or any other protected characteristic.
However, Coutts said it recognises there are “lessons to be learned” from the way it communicates with its customers.
The first phase of the review found that the bank showed “serious failings” in its treatment of Mr Farage.
However, it found the decision to shut his account was lawful and predominantly commercial.
Mohammad Syed, chief executive of Coutts, said: “Although Travers Smith confirm that, in general, decisions were appropriate and that there was no evidence of discrimination, it is clear there are lessons to be learned.
“This report reaffirms that there were a number of shortcomings in our approach to account closures at Coutts and, in particular, in the quality and consistency of our communications.
“The experience of some of our customers fell short of what they should expect and we apologise to them.
“We are committed to implementing all of the recommendations made by Travers Smith, including comprehensively reviewing and updating exit and communication processes, so that we deliver a better, more consistent experience for all our customers.”
LATEST DEVELOPMENTS:
Dame Alison Rose resigned from her post as NatWest CEO amid the fallout.
Dame Alison's departure came after she admitted she had spoken to a BBC journalist about Mr Farage’s relationship with Coutts.
The former NatWest chief executive admitted to a “serious error of judgment” in discussing Mr Farage’s relationship with Coutts with a BBC journalist.
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