Overview

• 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.