Reform UK leader Nigel Farage has resolved his legal dispute with NatWest Group, nearly two years after the bank shut down his accounts a move that sparked a major scandal and led to the resignation of its CEO.
The controversy began when Dame Alison Rose, then-chief executive of NatWest, admitted to being the source of an inaccurate media report regarding Farage’s account closure. Initial coverage claimed that Farage’s accounts with Coutts, NatWest’s private banking division, were closed because he no longer met the bank’s wealth requirements.
However, documents obtained by Farage through a subject access request revealed that while his financial status was a factor, his political views and media coverage were also considered in the decision. This revelation intensified the backlash, ultimately leading to Rose’s resignation in July 2023 after she apologized for her “serious error of judgment.”
Farage, who had threatened legal action, has now reached a confidential settlement with the bank. In a joint statement, NatWest and Farage said: “NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage. The terms of settlement are confidential.”
Rose had previously admitted she was wrong to discuss Farage’s case with journalists, stating: “I want to extend my sincere apologies to Mr Farage for the personal hurt this has caused him.”
The case raised broader concerns about political bias and “debanking,” prompting regulatory scrutiny and public debate over whether individuals should be denied banking services due to their views.
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