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NatWest says an external review has found no evidence of political or other such discrimination in the closure of customer accounts at its Coutts arm, amid the Nigel Farage debanking row.
The bank, which commissioned the law firm Travers Smith to investigate the affair, said 84 customer account closures – including all relevant PEP (politically exposed person) cases over a two-year period from July – were examined.
They represented, the taxpayer-backed lender said, a total sample of around 10% of relevant account closures in the period.
“The report confirms that decision-making was consistent with relevant standards and otherwise appropriate and that there was no evidence of discrimination due to political views or affiliations, or any other protected characteristic,” the bank stated.
It added that there were several areas where Coutts’ policies and procedures regarding customer “exit decisions” had been identified and it would implement all recommendations.
They included guidance on how the bank communicates with customers regarding such decisions amid a finding that Coutts may have breached rules by not giving them enough notice when their account was closed.
The update was issued several months after the first phase of the review found “a number of shortcomings” in the process of closing Mr Farage’s account at Coutts.
The Travers Smith report said that while the decision was predominantly made on a commercial basis, as it was deemed loss-making for the bank, he had been poorly treated.
Shortcomings included how Coutts had communicated with the former UKIP and Brexit Party leader and how it treated…
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