Dame Alison Rose, CEO of NatWest Bank, has resigned for “unbanking” Nigel Farage for his political views. She also lied to the BBC about the reason Nigel Farage was “unbanked” from Coutts Bank which is owned by NatWest.
Although NatWest thought her apology would be sufficient, the UK government thought that the debacle exposes a culture of deep politicisation in NatWest.
Coutts drew up a 40-page account of what one minister described as ‘his lawful political beliefs’.
The view in No. 10 and the Treasury is that the problem was that people can be ‘de-banked’ for their political views.
The government has owned 39 per cent of NatWest since taxpayers bailed it out during the banking crisis.
Some ministers accused Rose of having no integrity, obfuscating at every turn, and not understanding from the outset how serious this was.
Rose said: ‘I did not reveal any personal financial information about Mr Farage’. However, the BBC reported that Farage lost his account for financial reasons.
BBC sources say its reporter double-checked the facts before publication. ‘She stood by it’, the BBC source told the Times.
The Financial Conduct Authority has raised the prospect of investigating her for breaking the law.
The questions arising include why the NatWest board thought she could survive after admitting to being the source of the leak. Having earned £5.25 million last year, what payoff has she now been given? Who else at Coutts signed off on the de-banking of Farage? Will Rose be removed from Prime Minister Rishi Sunak’s new business council?
Farage has called for the whole NatWest board to go.