Alison Rose, the chief executive of NatWest Bank, one of Britain’s major financial institutions, has left her position “by mutual consent.” The announcement came following a tumultuous period of controversy between Nigel Farage and NatWest Bank. It sparked by the closure of the populist politician’s bank account along with Rose’s subsequent discussion of his personal details with a journalist.
The furore began when Nigel Farage, a prominent right-wing talk show presenter and former leader of the pro-Brexit U.K. Independence Party, complained that his bank account with private bank Coutts. It is owned by NatWest Group and was unfairly closed due to disagreements with his political views. The situation escalated as documents were published, revealing bank officials’ discussions about Farage’s political views and the potential “reputational damage” associated with retaining him as a client.
In an attempt to address the situation, NatWest CEO Alison Rose apologized to Farage. Admitting to being the anonymous source behind an inaccurate BBC report claiming that the account closure was purely commercial. However, the damage had already been done, and public outrage continued to grow.
Nigel Farage is known for his attention-seeking tactics and controversial statements. Accused the bank of stifling his freedom of speech. Members of the Conservative government echoed his concerns. Prompting a meeting between banking minister Andrew Griffith and Britain’s largest banks to discuss concerns over customers’ lawful freedom of expression.
Stricter Rules and Calls for Fundamental Change
In response to the situation, the U.K. Treasury announced plans to impose stricter rules on bank account closures. Under the new regulations, banks will be required to explain the reasons behind closing a customer’s account. And provide 90 days’ notice for such closures. However, the changes will not prevent banks from closing accounts of individuals deemed to be a reputational or political risk.
Although Nigel Farage welcomed Alison Rose’s departure from the bank. Nigel Farage remains adamant about pushing for further change in banking laws and the removal of additional members from the NatWest board. Farage emphasized the need for real change in the banking sector. Particularly considering the government’s past bailout of financial institutions like NatWest.
The controversy surrounding Farage’s bank account closure and NatWest’s handling of the matter highlights the delicate balance between financial institutions’ rights and customers’ freedom of expression.
