Farage and NatWest settle dispute over bank account closure

NatWest Group has reached a settlement with Nigel Farage regarding the closure of his bank account. Both parties have agreed to end the nearly two-year dispute, which stemmed from the closure of Farage's account at Coutts, NatWest Group's high-net-worth private bank. This resolution aims to put an end to the contentious issue.

The account closure sparked a public dispute between Farage and the bank. NatWest Group subsequently acknowledged "serious failings" in its handling of Farage's case, leading to the resignation of then-CEO Alison Rose. The specific terms and details of the settlement have not yet been disclosed, leaving some aspects of the agreement private.

NatWest Group and Nigel Farage issued a joint statement on Wednesday, stating: "NatWest Group and Mr. Nigel Farage are pleased to confirm that they have resolved their dispute and reached a settlement, and the bank has apologised to Mr. Farage." The dispute began in 2023 when Farage stated that Coutts planned to close his account without providing a reason, initiating the legal battle.

The BBC had reported that Farage's account was closed because he no longer met Coutts' wealth threshold. However, a bank report later obtained by Farage revealed that his political views were also taken into consideration. An independent report indicated that NatWest Group failed to properly communicate its decision when deciding to close Farage's Coutts account, adding to the controversy. However, the report also stated that the account closure was lawful and primarily based on commercial reasons.

Alison Rose resigned as CEO of NatWest Group in July 2023 after admitting she made a mistake in discussing Farage's relationship with the bank. Since then, a public debate has ensued regarding the issue of people being denied banking services due to differing opinions. Farage has stated that he was subsequently denied personal and business accounts at seven other banks in the UK, highlighting the wider implications of the initial incident.