The chief executive of Natwest’s owner, Coutts, has issued an apology to Nigel Farage and committed to conducting a thorough review of the bank’s processes. This follows the release of a dossier which stated that Farage’s views were inconsistent with the bank’s position as an inclusive organization. Alison Rose, the chief executive of NatWest Group, sent a letter to Farage expressing regret for the “deeply inappropriate comments” made about him in official documents. However, she did not offer him the option to restore his original Coutts account.
In July, Farage claimed that his account with the prestigious bank, which he had held for over 40 years, had been closed without any explanation. He believed that he had been targeted due to his political views and that he may have been labeled a politically exposed person. The bank’s Wealth Reputational Risk Committee, in a 40-page memo published in the Daily Mail, cited various reasons for wanting to sever ties with Farage, including his retweeting of a Ricky Gervais comedy sketch mocking transgenderism and his association with tennis player Novak Djokovic, who opposes COVID-19 vaccinations. The document also accused Farage of being xenophobic and racist.
Alison Rose emphasized that it is not the bank’s policy to terminate a customer’s account based on legally held political and personal views. She acknowledged the need for greater transparency in the bank’s decision-making processes and expressed her desire to make improvements. She apologized to Farage for the inappropriate comments made in the published papers and reiterated the bank’s offer to provide alternative banking arrangements.
The Free Speech Union, which had been de-banked by PayPal in the past year, has been in discussions with City and Treasury Minister Andrew Griffith about preventing similar situations in the future. As a result, the Payment Services Regulations are being tightened to prevent banks and payment processors from closing accounts based on lawful free speech. Toby Young from the Free Speech Union praised the government for taking prompt action to combat this form of cancel culture.
Conservative MP Sally-Ann Hart expressed concern over financial services being denied to individuals exercising their right to lawful free speech. She highlighted the need to protect freedom of expression and noted that the Chancellor would soon outline plans to strengthen the rules regarding account closures.
The government recently announced its intention to crack down on the denial of financial services to individuals exercising their right to lawful free speech. During Prime Minister’s questions, Rishi Sunak stated that it wouldn’t be appropriate for such services to be withheld. MP Jacob Rees-Mogg called for an inquiry into the circumstances surrounding Farage’s account closure. Sunak assured that the new Financial Services and Markets Act includes measures to ensure appropriate treatment of politically exposed persons. Additionally, the government is tightening the rules around account closures and individuals can file complaints with the Financial Ombudsman Service to request the reopening of their accounts. The Epoch Times reached out to the Treasury for comment.