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BREAKING: Coutts Bank Boss Resigns Following Pressure Over Nigel Farage Banking Scandal
The boss of Coutts has stepped down over the mishandling of the bank account of Nigel Farage, after it was revealed that the bank had not only cancelled his account partly based on political views, but that the CEO of NatWest group had leaked private information to a BBC journalist.
NatWest – which owns Coutts – said Peter Flavel’s resignation today had been mutually agreed and would be ‘with immediate effect’.
Mr Flavel admitted that the bank had “fallen below” its “high standards of personal service” in its handling of Mr. Farage’s account, with Farage recently saying that “ultimate responsibility for the dossier de-banking me for my political views” laid with Mr Flavel.
The departure of the Coutts boss comes after Dame Alison Rose, the boss of NatWest Group, resigned over the row on Wednesday.
Before parting, Rose admitted that she had leaked information about Farage’s account to BBC journalist Simon Jack, who subsequently led to the BBC publishing factually incorrect claims about the closure of the brexiteer’s bank account.
Since the scandal broke, Farage has received support across the country, including from the current Prime Minister Rishi Sunak and from former PM Boris Johnson, who said that he ‘strongly disagrees with Farage’s views on Russia’, but opposed banks having the ability to close the accounts of people whom they don’t agree with politically.
NatWest, which is 39% owned by the taxpayer, has been under fire after Dame Alison admitted she had made a mistake in speaking about Mr Farage’s relationship with Coutts.
On Thursday, Mr Flavel said it was “right that I bear ultimate responsibility for this, which is why I am stepping down”.
Paul Thwaite, Dame Alison’s interim replacement at the top of NatWest, said Mr Flavel’s departure was “the right decision for Coutts and the wider group”.
This is a breaking story. To read more about the events surrounding the scandal, click here for our full explainer.
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