The unbiased evaluate into the closure of Nigel Farage’s Coutts account and the dialogue of his banking with a journalist by the pinnacle of the financial institution has discovered “a number of shortcomings” within the closure course of.
But regulation agency Travers Smith, who have been commissioned by the board of NatWest to conduct the evaluate, mentioned the closure of Mr Farage‘s account, “was predominantly a commercial decision”.
“Coutts considered its relationship with Mr Farage to be commercially unviable because it was significantly loss-making.”
In response to the important thing findings of the report, NatWest chairman, Sir Howard Davies, mentioned “a number of serious failings” have been set out within the therapy of Mr Farage.
Shortcomings have been additionally recognized in how NatWest, which owns Coutts, communicated with the previous UKIP and Brexit Party chief and the way it handled his confidential data, in accordance with the evaluate.
The finance watchdog, the Financial Conduct Authority (FCA) mentioned potential “regulatory breaches and a number of areas for improvement” have been recognized.
These embrace NatWest’s processes on the way it considers potential accounts closures and prospects complaints in addition to the effectiveness of governance mechanisms.
Former chief govt, Dame Alison Rose, exited the state-backed lender after she admitted making a “serious error of judgment” by talking to a journalist about Farage’s banking at Coutts.
After the information piece was printed Mr Farage launched the content material of a topic entry request, which prompt the transfer was taken partly as a result of his views didn’t align with the agency’s “values”.
Key findings by Travers Smith are:
• The resolution to shut the account was lawful and was made in accordance with financial institution insurance policies and processes.
• Dame Alison Rose performed no half within the resolution to shut the account.
• Other components have been thought-about within the decision-making course of: Coutts thought there may very well be reputational hurt from Mr Farage holding an account these components didn’t drive the choice.
• Mr Farage’s said beliefs weren’t a figuring out consider closing the account however they did assist the choice.
• The manner the closure was communicated to Mr Farage was broke the financial institution’s insurance policies and processes, particularly by giving causes to prospects when non-financial crime was dedicated. No satisfactory causes got.
In response, Mr Farage has mentioned:
• “The report’s authors claim it was “predominantly a industrial resolution” to close my accounts but, crucially, they also noted that evidence given to them by witnesses in relation to this episode was not entirely consistent.”
• “Travers Smith has taken a very mealy-mouthed approach to this complex issue. The law firm argues that my political views “not aligning with these of the financial institution” was not in itself a political decision. This is laughable.”
• “Travers Smith did not find “any proof” that my “pro-Brexit stance have been components within the exit resolution”. The word Brexit appeared no less than 86 times in my subject access request”.
• “The letters that were sent to me confirming the closures of my accounts without explanation were sent on a paper headed template usually reserved for those suspected of fraud”.
Source: information.sky.com”