NatWest review finds no evidence of political discrimination
NATWEST GROUP
384.60p
09:05 05/11/24
An external review has found no evidence of political discrimination in the closure of customer accounts at NatWest’s Coutts arm, the bank said on Friday.
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Law firm Travers Smith looked at 84 customer account closures - including all relevant PEP (politically exposed person) cases over a two-year period from July, after a row involving hard-right anti-immigration political figure Nigel Farage.
"The report confirms that decision-making was consistent with relevant standards and otherwise appropriate and that there was no evidence of discrimination due to political views or affiliations, or any other protected characteristic," NatWest said in a statement.
It added that there were several areas where Coutts' policies and procedures regarding customer "exit decisions" had been identified and it would implement all recommendations.
They included guidance on how the bank communicates with customers regarding such decisions.
An initial review had found shortcomings in the way Farage’s account at Coutts had been shut. The subsequent row led to the departure of the bank's chief executive Alison Rose and Coutts boss Peter Flavel.
Reporting by Frank Prenesti for Sharecast.com