Law firm finds 'serious failings' but deems account closure lawful and commercial
Nigel Farage has criticized the review of his debanking by Coutts, calling it a 'whitewash'. The law firm Travers Smith conducted the review and acknowledged 'serious failings' in the treatment of Farage by the bank's owner, NatWest. However, it concluded that the decision to close his account was lawful and driven by commercial reasons rather than his political opinions.
'Mealy-mouthed approach'
Farage expressed his dissatisfaction with the report, stating that it 'whitewashed the decision'. He criticized Travers Smith for taking a 'very mealy-mouthed approach' to the complex issue. He found it laughable that the firm argued that his political views not aligning with those of the bank was not a political decision in itself.
Documents reveal criticism of Farage's political views
Farage had obtained documents showing Coutts staff criticizing his political views. The review report acknowledged this, but downplayed then-NatWest chief Dame Alison Rose's leak of Farage's personal information to the BBC. The law firm stated that she had mistakenly believed Farage had publicly confirmed his status as a Coutts customer.
Decision based on commercial viability and reputational risk
The review concluded that Coutts decided to close Farage's account because it considered its relationship with him to be commercially unviable. It also cited his public statements on issues such as the environment, race, gender, and migration as a reputational risk that did not align with the group's 'purpose'.
Apology from NatWest chairman
Sir Howard Davies, chairman of NatWest, apologized once again for Farage's experience, stating that it fell short of the standards any customer should expect.
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