Nigel Farage Reaches Settlement with NatWest Group After Account Closure Controversy
The agreement follows a prolonged dispute stemming from the closure of the politician's accounts and subsequent public backlash.
Nigel Farage has settled his dispute with NatWest Group after nearly two years of contention regarding the closure of his bank accounts.
The issue initially gained significant public attention and culminated in the resignation of Dame Alison Rose, the bank's chief executive, in July 2023.
The controversy began when Farage's accounts at Coutts, NatWest’s private banking division, were closed, leading to a media storm over the reasons behind the decision.
An inaccurate report by a BBC journalist was identified as a contributing factor to the fallout.
Dame Alison Rose admitted to being the source of the misleading information that suggested Farage's accounts were closed due to him not meeting the required wealth threshold of £3 million in savings or a million in loans or investments.
However, a dossier obtained by Farage through a subject access request indicated that his personal financial situation was only one aspect considered in the decision to terminate his accounts.
The discussions around his political views, particularly the scrutiny on his public persona, were also a factor in the working group's decision.
In the wake of the incident, Farage threatened legal action against NatWest Group.
The settlement was announced with a joint statement from the bank and the politician confirming that they had resolved their differences and that NatWest had issued an apology to Farage.
The specific terms of the settlement remain confidential.
Dame Alison Rose had publicly acknowledged her missteps in 2023, referring to her comments regarding Farage's account closure as a "serious error of judgment." She expressed regret for the impact the situation had on Farage, emphasizing the emotional distress caused by her remarks.
Following the incident, NatWest canceled nearly £7.6 million in potential payouts tied to Rose’s compensation package, highlighting the significant ramifications of the public relations misstep.
The issue initially gained significant public attention and culminated in the resignation of Dame Alison Rose, the bank's chief executive, in July 2023.
The controversy began when Farage's accounts at Coutts, NatWest’s private banking division, were closed, leading to a media storm over the reasons behind the decision.
An inaccurate report by a BBC journalist was identified as a contributing factor to the fallout.
Dame Alison Rose admitted to being the source of the misleading information that suggested Farage's accounts were closed due to him not meeting the required wealth threshold of £3 million in savings or a million in loans or investments.
However, a dossier obtained by Farage through a subject access request indicated that his personal financial situation was only one aspect considered in the decision to terminate his accounts.
The discussions around his political views, particularly the scrutiny on his public persona, were also a factor in the working group's decision.
In the wake of the incident, Farage threatened legal action against NatWest Group.
The settlement was announced with a joint statement from the bank and the politician confirming that they had resolved their differences and that NatWest had issued an apology to Farage.
The specific terms of the settlement remain confidential.
Dame Alison Rose had publicly acknowledged her missteps in 2023, referring to her comments regarding Farage's account closure as a "serious error of judgment." She expressed regret for the impact the situation had on Farage, emphasizing the emotional distress caused by her remarks.
Following the incident, NatWest canceled nearly £7.6 million in potential payouts tied to Rose’s compensation package, highlighting the significant ramifications of the public relations misstep.
