Bank / Credit Union

NatWest CEO steps down following discussion on British politician's bank account

William - stock.adobe.com

July 26, 2023

Alison Rose, CEO of NatWest, one of the biggest four banks in Britain is stepping down after speaking about a bank account closure belonging to Nigel Farage, former head of the pro-Brexit Independence Party and conservative talk show presenter.

Farage claimed the bank shut down his account due to his political views, while an anonymous source, later revealed to be Rose, claimed the bank closed Farage's account because it didn't meet the $1.3 million borrowing requirement, according to a report by AP News.

Farage presented documents from the bank claiming there was major "reputational damage" keeping him as a customer since Farage is, "seen as xenophobic and racist."

Rose later admitted to being the anonymous source who spoke with the BBC and said speaking to a reporter was "a serious error of judgment." Rose is the first women to hold a CEO position at one of the U.K.'s biggest four banks.

Britain's Treasury announced recently that banks would need to explain why they are shutting down user's accounts and give a 90-day notice. However, the Treasury maintained that banks have the right to shut down accounts of individuals who pose a reputational or political risk, according to the AP report.

Britain also requires banks keep a close watch on politicians and diplomats to protect against money laundering.