NatWest CEO Alison Rose has resigned following an inaccurate BBC story that implicated her as the source for the news outlet’s report on Nigel Farage’s account closure. Rose stepped down from her position after admitting to being the source of the story, which claimed that Farage’s account was closed due to falling below the financial threshold required by Coutts, a bank owned by NatWest. However, documents later revealed that the closure was also influenced by concerns over Farage’s political views not aligning with the bank’s inclusive stance.
The controversy began in June when Farage, the former leader of the Brexit Party, announced that his account at Coutts had been closed without explanation. The BBC’s Business Editor, Simon Jack, quoted unnamed sources who claimed Farage failed to meet the financial requirements to maintain an account. However, Farage obtained documents that showed the closure was also motivated by concerns about his views, which were described as xenophobic, chauvinistic, and racist in a briefing presented to the bank’s reputational risk committee.
Rose initially denied having seen these documents, but admitted to speaking with Jack and apologized for doing so. Despite the bank’s initial expression of confidence in her, Rose faced mounting pressure to resign as Chancellor Jeremy Hunt reportedly had serious concerns about her handling of the situation, and Number 10 called for her resignation.
In a late-night board meeting, Rose agreed to step down from her role as Group Chief Executive, with Commercial CEO Paul Thwaite taking on the position on an interim basis. This decision followed the withdrawal of support from Downing Street and the Treasury.
The bank’s conduct throughout the debanking controversy drew criticism from MPs and ministers, who demanded transparency and warned of potential implications for free speech. The Financial Conduct Authority also stated that it may take further action depending on the outcome of NatWest’s internal review of the case.
The resignation of Alison Rose marks a significant development in the ongoing controversy surrounding Nigel Farage’s account closure. The incident serves as a reminder of the challenges faced by financial institutions when balancing commercial considerations with reputational concerns and the expectations of their diverse customer base. As this story unfolds, it raises questions about the limits of free speech and the responsibilities banks have in managing their clients based on their political views. With Rose’s departure, the spotlight now turns to NatWest and its future actions regarding the debanking controversy.
