Coutts closes Nigel Farage's accounts; internal dossier prompts NatWest CEO resignation and UK debanking reform
In March 2023, Coutts — the private banking arm of NatWest Group — closed accounts held by Nigel Farage, the former UKIP and Brexit Party leader. The bank initially indicated to the BBC, via NatWest CEO Dame Alison Rose, that Farage had fallen below Coutts' wealth threshold. After Farage obtained a 40-page internal Wealth Reputational Risk Committee dossier through a Subject Access Request, The Telegraph published the document on July 19, 2023; it described Farage's public views as 'at odds with our values.' Dame Alison Rose resigned July 26, 2023; Coutts CEO Peter Flavel resigned days later. The UK Financial Conduct Authority opened a review and Parliament tightened bank account-closure rules.
Dates: Account closures March 2023; BBC report and SAR dossier published July 4–19, 2023; Rose resignation July 26, 2023; Flavel resignation late July 2023; independent NatWest review October 2023; Financial Services and Markets Act 2023 reforms enacted. Parties: Nigel Farage; Coutts & Co.; NatWest Group; Dame Alison Rose (former NatWest CEO); Peter Flavel (former Coutts CEO); UK Financial Conduct Authority; UK Treasury and Parliament. What happened: Coutts closed Farage's personal accounts. NatWest CEO Rose was the source of a BBC report attributing the closure to wealth-threshold criteria. Farage's SAR-obtained internal dossier showed the bank's Wealth Reputational Risk Committee had analyzed his political views in detail and characterized them as inconsistent with the bank's purpose and values, while still concluding the relationship was primarily commercially unviable. Bank's stated reasons: Initially wealth threshold; the internal dossier later showed reputational concerns about Farage's political views played a role alongside commercial factors. Farage's allegations: Viewpoint-based debanking; deliberate misleading of the BBC; broader pattern of UK banks acting as political enforcers. Outcome: Dame Alison Rose resigned after admitting she was the source of the inaccurate BBC briefing. Peter Flavel resigned. NatWest's independent review found 'serious failings' in the bank's treatment of Farage while concluding the closure was lawful. The FCA and Payment Systems Regulator launched debanking reviews. Parliament added provisions to the Financial Services and Markets Act 2023 requiring 90 days' notice and written reasons for bank account terminations. NatWest paid Farage an undisclosed settlement.