NatWest Group Plc said there were “serious failings” in how it handled Nigel Farage, including how it treated his confidential information.
The lender said it would make a number of changes to its policies and procedures around exiting clients and will disclose any decision on whether it would cut the pay of former Chief Executive Officer Alison Rose as soon as possible, according to a statement released alongside its third-quarter results.
“This report sets out a number of serious failings in the treatment of Mr Farage,” Chairman Howard Davies said in the statement. “The findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality.”
Separately, the Financial Conduct Authority said it is scrutinizing the firm’s governance, systems and controls.
The bank’s findings arose as part of an independent review conducted by law firm Travers Smith into its decision to close the Coutts accounts of Farage and the circumstances surrounding a potential breach of confidentiality relating to his customer information. While the review confirmed the “lawful basis for the exit decision,” it said the bank had failed to treat Farage fairly.
Rose left NatWest “by mutual consent” in late July after she apologized for speaking to a journalist about Farage following his complaint that the bank had written to him saying it was planning to close his account.
Farage, the Brexit campaigner-turned-television presenter, obtained reports from the lender that showed his political views were part of the reason for the bank’s decision to close his account.
