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NatWest admits to failings in Farage fiasco, FCA to review case

NatWest admits to failings in Farage fiasco, FCA to review case

The UK’s Financial Conduct Authority (FCA) has found potential “regulatory breaches” in NatWest’s decision to close former Brexit party leader Nigel Farage’s accounts earlier this year.

The bank revealed in an initial review that the FCA reported that the treatment of Farage was deficient. NatWest stated that there were “serious failings” in how it handled the Farage case and the bank would follow all recommendations from the watchdog.

The FCA responded by commenting that it would be reviewing the governance and system at NatWest in a statement: “This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement."

A report commissioned by NatWest on the decision in July led to the controversial ousting of CEO Alison Rose, after a career of over 30 years at the bank.

The FCA is reviewing concerns on fair treatment to customers and has not commented on further enforcement. Previously, the FCA announced that they had discovered no proof behind de-banking claims from politicians due to commercial or political reasons.

Comments: (1)

A Finextra member
A Finextra member 27 October, 2023, 11:45Be the first to give this comment the thumbs up 0 likes

Nat West share price down 11% today and 40% so far this year