Sign in Subscribe
Banks (Finance)

Farage Considers Suing NatWest Over Closed Bank Account Row

Strategic Insights

— 1 min read

Nigel Farage, the leader of the Brexit party, has announced he is considering taking legal action against his bank, NatWest, over the closure of his bank account. The move comes after the bank's private banking arm, Coutts, apologized to Mr Farage earlier this week for comments made about him in official papers. The comments, which included accusations of xenophobia and racism, were cited by Coutts as reasons for shutting the account. Mr Farage claims the comments were unfair and defamatory and that the bank's actions are an attack on free speech.

Key Takeaways:

  • Nigel Farage's bank account was closed by Coutts, a private banking arm of NatWest, after comments were made about him in official papers.
  • The comments, which included accusations of xenophobia and racism, were cited by Coutts as reasons for shutting the account.
  • Mr Farage claims the comments were unfair and defamatory and that the bank's actions are an attack on free speech.
  • The bank has apologized to Mr Farage, with Chief Executive Dame Alison Rose writing to him saying the comments "do not reflect the view of the bank".
  • The incident has sparked a major row over free speech and interventions from the government, with the Treasury announcing new regulations to protect "freedom of expression".
  • Banking expert Sir Philip Augar has said that Dame Alison's apology may not be enough to save her job and that the controversy will not end until the issue is resolved.

Statistics:

  • 90 days: the new notice period that banks will have to give to customers before closing their accounts.
  • 2016: the year Coutts CEO Peter Flavel joined the bank from JP Morgan.
  • 59: the age of Nigel Farage.
  • 1: the number of dossier made public by Mr Farage that reportedly cited his retweet of a joke by comedian Ricky Gervais about trans women and his friendship with Novak Djokovic, who is opposed to Covid vaccinations.

Sources:

  • "NatWest boss may face questions over Farage account closure" by BBC
  • "Coutts apologizes to Farage over leaked bank papers" by The Times
  • "Rishi Sunak's press secretary condemns bank's actions" by The Telegraph
  • "Tighter rules on bank account closures announced" by The Financial Times

Read more