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NatWest admits ‘severe failings’ in Farage case

NatWest admits ‘severe failings’ in Farage case

However an investigation by the financial institution discovered “the exit determination was lawful” relating to the closure of the previous UKIP chief’s account with Coutts, a part of the Natwest Group.

An impartial assessment of the saga commissioned by NatWest discovered the lender had acted “in accordance with the related financial institution insurance policies and processes” when it determined to close Farage’s accounts.

Nonetheless, the report additionally recognized “various shortcomings”, associated to the way it reached that call, how the financial institution communicated with Farage, and the way it handled his confidential info.

NatWest has revealed the important thing findings and suggestions from Section I of the Travers Smith impartial assessment masking the choice to shut Farage’s Coutts accounts and the circumstances surrounding a possible breach of confidentiality regarding his buyer info.

NatWest stated it has accepted – and can implement – all the suggestions made by Travers Smith. Alongside the report, the financial institution will make various different modifications to its insurance policies and procedures designed to ship higher outcomes for its clients.

NatWest: ‘Failure in communication’

Sir Howard Davies, NatWest Group chairman, stated: “This report units out various severe failings within the therapy of Mr Farage. Though Travers Smith verify the lawful foundation for the exit determination, the findings set out clear shortcomings in the way it was reached in addition to failures in how we communicated with him and in relation to shopper confidentiality. We apologise as soon as once more to Mr Farage for a way he has been handled. His expertise fell in need of the requirements that any buyer ought to anticipate.

“Our job now could be to ensure that doesn’t occur once more. The financial institution is dedicated to implementing all of the suggestions made by Travers Smith and we’re making substantive modifications to our insurance policies and procedures, specifically to make sure that the lawfully protected beliefs or opinions of consumers don’t play any position in our determination making.

“The board is contemplating the findings and deciding on the suitable outcomes on different issues. It can be crucial now we have regard to all vital processes and due consideration of points together with the financial institution’s obligations round privateness and confidentiality.”

FCA: Potential regulatory breaches

The Monetary Conduct Authority (FCA) stated it had reviewed the Travers Smith report and located it “highlighted potential regulatory breaches and various areas for enchancment”.

These embody the financial institution’s processes, techniques and controls round the way it considers potential closure of accounts and deal with complaints from their clients; and the allocation of obligations and effectiveness of the corporations’ governance mechanisms.

Earlier this week, the Data Commissioner’s Workplace (ICO) discovered that Alison Rose breached information guidelines over revelation of Nigel Farage financial institution particulars. Nonetheless, no additional motion will probably be taken by the watchdog as Rose has already stepped down from her position on the financial institution.

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