Farage and NatWest agree to settle row over bank account closure

NatWest and Nigel Farage have settled the dispute over the closure of one of his bank accounts.

The agreed settlement comes almost two years after the Reform UK leader had his account with Coutts, the prestigious private bank for the wealthy which is owned by NatWest Group, closed.

The closure led to a public row between Farage and the bank, which later admitted “serious failings” in its treatment of the politician. The fallout also led to the resignation of NatWest’s chief executive, Dame Alison Rose.

The terms and details of the settlement remain confidential so no further information has been released.

“NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute and the bank has apologised to Mr Farage,” a joint statement on behalf of the bank and Farage said on Wednesday.

The dispute began in 2023, when Farage, a prominent Brexiteer, said Coutts planned to shut down his account and that he had not been given a reason.

The BBC reported that his account was being closed because he no longer met the wealth threshold for Coutts, citing a source familiar with the matter.

However, the former UKIP leader later obtained a report from the bank which indicated his political views were also considered.

NatWest’s chief executive Dame Alison resigned in July 2023 after admitting she had made a mistake in speaking about Mr Farage’s relationship with the bank.

A public debate also followed over people being having their bank accounts shut due to their views. Farage said he was later refused personal and business accounts at seven more banks in the UK.

An independent report found NatWest failed to communicate its decision properly when it decided to shut Farage’s Coutts account.

But the closure was lawful, and based mainly on commercial reasons, the report said.