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Natwest CEO Resigns Following Major Incident in Farage Controversy

26 July 2023
1885
2 min.
8
Natwest CEO Resigns Following Major Incident in Farage Controversy

NatWest in Crisis

In a significant announcement, NatWest CEO, Alison Rose, reveals her decision to resign from her position due to a "serious error of judgment." This noteworthy development comes after a candid conversation with a BBC journalist about the bank's ties with former Brexit party leader, Nigel Farage.

Background and Recent Controversy

In recent events, NatWest has found itself at the center of controversy as its private arm, Coutts, made a significant decision to close Nigel Farage's accounts, citing a misalignment of values. This move has captured the attention of the media and sparked intense political scrutiny, thrusting the bank into the spotlight.

Chronological Events

Despite Alison Rose initially retaining the "full confidence" of the bank's board, an emergency meeting led to her resignation as CEO. Farage publicly criticized Rose's fitness to run a bank and called for management changes. The UK Treasury clarified that the government's shareholding in NatWest is managed separately by UKGI, operating "at arm's length" from the bank itself.

Following a BBC report, the network has issued an apology to Farage concerning an incomplete and inaccurate story about his eligibility as a Coutts customer. Alison Rose stated that no personal financial information about Farage was revealed during her conversation with the BBC journalist.

Conclusion

NatWest CEO Alison Rose's resignation amid the controversy surrounding Nigel Farage's ties with the bank has prompted intense scrutiny on the institution. As NatWest faces this challenging period, all attention is focused on the forthcoming review by the Financial Conduct Authority (FCA) and its potential impact on the banking industry's account closure policies.

Looking ahead, the situation remains tense as the FCA urges NatWest's board to conduct a comprehensive review of the issue. In response to concerns about banks closing customer accounts based on political views, financial services minister Andrew Griffith is slated to hold discussions with lenders. The anticipated reforms may soon necessitate banks to offer explanations and allow for delays before implementing such decisions.

Persons2 and Companies6 in the news

British broadcaster and former politician
1 place
Chief executive of NatWest Group
2 place
Coutts & Co.
2 place
Section:

Discussion

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