Dame Alison Rose, chief executive of NatWest, has apologised to Nigel Farage for “deeply inappropriate comments” made about the former Ukip leader in an internal report that led to the closure of his accounts at Coutts, the bank’s exclusive private banking arm. In a public statement and a letter to Farage on Thursday, Rose expressed regret over the handling of the decision to cut ties with the Brexit campaigner.
The apology follows days of mounting pressure from Prime Minister Rishi Sunak and senior cabinet members, after Farage disclosed that his accounts were closed because Coutts no longer wanted him as a client. An internal report described Farage as a “disingenuous grifter” who promotes “xenophobic, chauvinistic and racist views”. Rose said these comments, prepared for Coutts’ wealth reputation risk committee, “do not reflect the view of the bank”.
Farage welcomed the apology but called it “a start”, claiming that Rose was forced into it by the Treasury. He said on his GB News programme: “What I’ve actually been told quietly, privately, is that you were forced into doing this by the Treasury.” He vowed to continue his campaign, saying there were thousands in the same position as him.
The government announced new rules requiring banks to “explain and delay” any decision to close accounts, with the Financial Conduct Authority ordered to review rules governing how banks treat Politically Exposed Persons (Peps) such as Farage. Economic Secretary to the Treasury Andrew Griffith said “banks occupy a privileged place in society” and must allow “everyone to express themselves freely”.
Rose stopped short of reinstating Farage as a Coutts client, instead reiterating an offer to open a basic account at NatWest. She stated that it is not the bank’s policy “to exit a customer on the basis of legally held political and personal views”. The new account closure rules are expected to come into effect later this summer.
