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NatWest Group PLC on Friday said a review into account closures at private bank Coutts, most notably involving former Ukip leader Nigel Farage, found no evidence of discrimination due to political view or affiliations. Farage said in June that Coutts, which is owned by Edinburgh-based lender NatWest, was planning to close his account. He claimed it was due to his political opinions. This caused former NatWest chief executive Alison Rose to resign in July, replaced by Paul Thwaite. Published the key findings and recommendations from phase two of the Travers Smith LLP independent review, which was commissioned by the board in July, NatWest said it confirmed 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’. It noted, however, that it identified ‘several areas where Coutts’ policies and procedures governing exit decisions could be improved, including the process by which exit decisions are communicated to customers and the clarity of communications. NatWest said it has accepted and will implement all the recommendations contained in phases one and two of the review. The report concerned account closures at Coutts in the two years that ended July 28 ‘Following the publication of the phase one reports in October, we recognised the need to improve our customer account closure processes and those improvements are already well under way. Although Travers Smith confirm that, in general, decisions were appropriate and that there was no evidence of discrimination, it is clear there are lessons to be learned,’ said Coutts Chief Executive Officer Mohammad Syed. ‘This report reaffirms that there were a number of shortcomings in our approach to account closures at Coutts and, in particular, in the quality and consistency of our communications. The experience of some of our customers fell short of what they should expect, and we apologise to them. We are committed to implementing all of the recommendations made by Travers Smith, including comprehensively reviewing and updating exit and communication processes, so that we deliver a better, more consistent experience for all our customers.’ Shares in NatWest were up 0.2% to 223.10 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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