UK bank chief resigns after Nigel Farage’s account dropped over his political beliefs
Farage complained last week that his bank account with Coutts had been shut down because the banking group didn't agree with his political views
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U.K. bank chief Alison Rose resigned Wednesday after it came to light that the financial institution had dropped Nigel Farage’s account over his political beliefs.
Rose, chief executive of NatWest, left her job after discussing Farage’s personal details with a journalist. NatWest, which owns the private bank Coutts, said Rose was leaving "by mutual consent."
Copies of the Evening Standard newspaper carrying the headline about the resignation of Natwest CEO Dame Alison Rose, are seen at Bank Station in the City of London, the capital's financial district, on 26th July 2023, in London, England. (Richard Baker / In Pictures via Getty Images / Getty Images)
Her departure comes after Farage complained last week that his bank account with Coutts had been shut down because the banking group didn't agree with his political views.
Farage, former leader of the pro-Brexit U.K. Independence Party, said his account with Coutts was shut down unfairly. The bank is more than 300 years old and boasts an "exclusive network" of clients, including members of the British royal family. NatWest was bailed out by the government during the 2008 global financial crisis and remains almost 40% owned by British taxpayers.
The BBC ran a story, based on an anonymous source at the bank, saying the account was closed because Farage did not meet Coutts' financial threshold.
Former Ukip leader Nigel Farage in his local village near Westerham, Kent, following the resignation of NatWest chief executive Dame Alison Rose after she admitted to being the source of an inaccurate story about Mr Farage's finances. (Gareth Fuller/PA Images via Getty Images / Getty Images)
Farage took to Twitter and read from a 40-page memo showing that bank officials had discussed his financial affairs and the "reputational damage" associated with keeping him as a customer. The documents said Farage was "seen as xenophobic and racist" and "considered by many to be a disingenuous grifter."
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Rose later apologized to Farage and acknowledged she was the anonymous source of the inaccurate BBC report that claimed the decision to close Farage's account was purely commercial. She called the move "a serious error of judgment."
After the scandal came to light, Britain's Treasury said U.K. banks will be subject to stricter rules over closing customers' accounts. Under the new rules, the U.K. will have to explain why they are shutting down someone's account and give 90 days' notice for such account closures.
"Dame Alison Rose has gone. Others must follow," Farage tweeted Wednesday. "I hope that this serves as a warning to the banking industry."
"We need both cultural and legal changes to a system that has unfairly shut down many thousands of innocent people. I will do my best to be their voice."
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Farage later said he would be launching "an exercise to gather together all of those that have been de-banked."
"We will build a very large database of cases to find out which banks are [the] worst offenders. This is how we will make fundamental change in the system."
The Associated Press contributed to this report.