[1/2]Signage of the FCA (Financial Conduct Authority), Britain’s financial regulator, is seen at its headquarters in London, Britain, on March 10, 2022. Portal/Toby Melville/File Photo Acquire License Rights
LONDON, Oct 27 (Portal) – Britain’s Financial Conduct Authority said on Friday it had found potential “breaches of regulation” in NatWest’s handling of the decision to close the accounts of former Brexit Party leader Nigel Farage.
The lender (NWG.L) said separately on Friday that an initial review of Farage’s “debanking” had found deficiencies in the bank’s treatment of Farage and that the bank would implement all of the report’s recommendations.
NatWest said it would announce a decision “as soon as possible” on whether to ax the salary of its former CEO Alison Rose over the matter.
The British bank hired law firm Travers Smith in July to review its decision to close Farage’s account. That move led to a political backlash and ultimately cost CEO Alison Rose her job after working at the lender for more than 30 years.
“This report and additional information we have considered have highlighted potential breaches of the regulations and a number of areas for improvement,” the FCA said in a statement, adding that it was reviewing the company’s governance, systems and controls.
Reporting by Carolyn Cohn and Iain Withers, editing by Lawrence White
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