FCA continues review into NatWest after 'potential regulatory breaches' identified over Coutts incident

'Failed to treat him fairly'

The Financial Conduct Authority is continuing its review into NatWest Group after the independent report carried out by the bank found several potential issues concerning data protection breaches and how it manages potential account closures.

The review was commissioned by NatWest following pushback on  Coutts' decision to close former MP Nigel Farage's account. Coutts is NatWest's private banking arm. Carried out by Travers Smith, the first stage of the review was published today (27 October), and determined that although the bank thought it was acting with clear rationale, the merits of those decisions were questionable. The review concluded that while the decision to close the former MP's account was clear to NatWest based on the "commercial rationale", there were other factors involved, "foremost among those other fact...