NatWest CEO Admits 'Serious Error' Over Farage Banking Row

Summary:

• NatWest Group CEO Dame Alison Rose admits 'serious error' in handling Nigel Farage's banking row.
• Farage claimed his account closure was politically motivated, leading to a public dispute with the bank.
• The BBC apologized for inaccurate reporting, revealing Dame Alison Rose as the source.
• Calls for Dame Alison Rose's resignation as CEO of NatWest Group grow as government intervention looms.
• Multiple investigations triggered by Farage's complaint may have significant implications for the bank.

The chief executive of NatWest Group, Dame Alison Rose, has finally admitted to a serious error of judgment regarding Nigel Farage's banking row. Farage claimed that he was thrown out of NatWest subsidiary Coots due to his political views, leading to a public dispute with the bank. After a three-week investigation, Dame Alison acknowledged her mistake in implying that Farage's account closure was purely commercial. However, calls for her resignation persist, and the government, being the biggest shareholder, might take action.

It was at a dinner three weeks ago that the chief executive of the NatWest Group found herself sitting beside the BBC's business editor. The top business story of the moment was Nigel Farage's claim that he'd been thrown out of the NatWest subsidiary Coots for his political views. No wonder then that the BBC's Simon Jack took the opportunity to ask NatWest Dame Alison Rose about it. Well, today Dame Alison finally admitted to a serious error of judgment in the reply she gave in implying that Mr Farage had lost his Coots account for commercial reasons. Tonight, she got the kind of backing that struggling football managers dread. The full confidence of the board, yet her pay package may be affected. Mr Farage said Dame Alison and other bosses at the bank should go and the biggest shareholder in NatWest Bank, as Dame Alison well knows, is still the British taxpayer.

The whole system is rotten. British banking's gone rotten. The bank's unfairly treated and on the warpath. NatWest and the BBC have apologised to Nigel Farage, but on his show on GB News tonight, he insisted he still has questions he wants answered. Somebody is lying in a moment. I'll tell you who I think it is. Coots is a private bank for the very wealthy and is owned by the NatWest Group.

Three weeks ago, the BBC reported that Coots had shut Nigel Farage's accounts because he no longer met its financial requirements and that the decision was commercial. Nigel Farage fought back, insisting the motivation was political. He obtained an internal report which showed his political views were a consideration. Yesterday, the BBC accepted its report was inaccurate and apologised, but its business editor tweeted the story had come from a trusted and senior source. Today, that source revealed themselves. Alison Rose, chief executive of the NatWest Group. In a statement this afternoon, she said, I recognise that in my conversations with Simon Jack of the BBC, I made a serious error of judgement in discussing Mr Farage's relationship with the bank.

She added I would like to emphasise that in responding to Mr Jack's questions, I did not reveal any personal financial information about Mr Farage. But I recognise that I left Mr Jack with the impression that the decision to close Mr Farage's accounts was solely a commercial one. NatWest chairman said Alison Rose should not have spoken in the way she did and that her bonus this year will reflect that. But Howard Davis described her as an outstanding leader and said the board had full confidence in her. Tonight though, there are already calls for her to go. You should think about standing down. I mean, it's the only honourable thing to do.

Even the breach of confidence that she is. I'm willing to believe it was a mistake. But it was a very bad mistake and one of her subordinates did it, she'd sack them, I would think, and she must apply the same rules to herself. That's a sentiment this man supports. After his show, Nigel Farage called on the government, NatWest's biggest shareholder to intervene. It erodes confidence in London as a business banking centre. We, the taxpayer, our taxes went up to both these so and sos out.

And on Friday morning, we're going to get the six month profits. There's also going to be a presentation to investors and I hope the British government say no confidence. Sometimes sorry brings closure. But as far as Nigel Farage is concerned, this isn't over yet.

Nigel Farage's complaint has triggered investigations by the Information Commissioner's office, and NatWest itself has launched an independent investigation, both of which may have far-reaching consequences. As the government holds a significant stake in NatWest, pressure is mounting for further actions. The CEO, Dame Alison Rose's position hangs in the balance as the bank grapples with the fallout from the banking row.