The Financial Conduct Authority (FCA) announced its discovery of possible "regulatory breaches" in NatWest's management of the closure of former Brexit party leader Nigel Farage's accounts.
NatWest confirmed that their initial review into the 'debanking' incident revealed deficiencies in their treatment of Farage, and the bank committed to implementing all recommendations derived from the report. Regarding the issue, NatWest stated a forthcoming decision on whether former CEO Alison Rose's pay would be affected, aiming for a prompt resolution.
In response to the review, the FCA acknowledged potential regulatory breaches and areas necessitating enhancement, stating its ongoing assessment of the bank's governance, systems, and controls. NatWest had engaged the law firm Travers Smith in July to review the closure of Farage's account, which drew political backlash and played a role in CEO Alison Rose's departure after a lengthy tenure with the bank.