The UK’s Financial Conduct Authority (FCA) has identified potential regulatory breaches in NatWest’s decision to close the accounts of former Brexit Party leader Nigel Farage earlier this year.
The bank disclosed in an initial review that the FCA deemed its treatment of Farage to be inadequate. NatWest acknowledged these “serious failings” in handling the case and committed to following all recommendations from the regulatory body.
In response, the FCA stated it would examine the governance and systems at NatWest, noting that the report and additional information indicated potential regulatory breaches and highlighted several areas for improvement.
A report commissioned by NatWest regarding the July decision led to the controversial dismissal of CEO Alison Rose, who had dedicated over 30 years to the bank.
The FCA is currently investigating issues related to the fair treatment of customers but has not announced any further enforcement actions. Previously, the FCA stated that they found no evidence supporting claims of de-banking politicians for commercial or political reasons.