NatWest Faces Regulatory Probe Over Farage's Account Closure; Independent Review Highlights “Serious Failings” Despite Upholding Lawfulness of Decision

Financial Conduct Authority and Information Commissioner launch separate regulatory probes into NatWest following independent review's findings of "serious failings" in bank's closure of Farage's account; NatWest shares plunge amid disappointing financial results.

An independent review by law firm Travers Smith concludes that NatWest's decision to close Nigel Farage's Coutts bank account involved serious failings but was lawful and predominantly commercial.
The review states that Farage's account was considered commercially unviable as it was significantly loss-making, and found no evidence that his Brexit stance played a role in the decision.
Former CEO of NatWest, Alison Rose, mistakenly shared confidential information about Farage's banking with a journalist, believing that Farage had already publicly confirmed his Coutts account.
Travers Smith criticized Coutts for not properly explaining to Farage the reasons for closing his accounts, using a 'financial crime exit letter template' was deemed as an error.
As a result of the review, regulatory bodies Financial Conduct Authority (FCA) and Information Commissioner launch separate investigations, identifying potential regulatory breaches and areas for improvement.