The second phase of a review by NatWest into account closures by its private bank Coutts found potential regulatory rule breaches but no evidence of discrimination over people's politics, the British bank said today.
NatWest was plunged into crisis this year after a damaging row with former Brexit party leader Nigel Farage over a decision to close his bank accounts with Coutts.
The episode sparked a political backlash and ultimately led to the departure of the bank's CEO Alison Rose, as well as of Coutts' former boss Peter Flavel.
NatWest said today that the review identified several areas where Coutts' policies and procedures regarding customer "exit decisions" could be improved, including how the bank communicates with customers regarding such decisions.
In some of the cases the review identified potential breaches of Financial Conduct Authority (FCA) rules to treat customers fairly, and potential breaches of contract for failing to give a reason for the exits.
The FCA was not immediately available for comment.
The review - carried out by law firm Travers Smith - analysed 84 Coutts customer account closures, representing a 10% sample over a two-year period to July 2023.
The first part of the debanking review outlined "serious failings" in the bank's treatment of Farage. NatWest cancelled about £7.6m in potential bonuses and awards for Rose over the fiasco.
NatWest is the worst performing FTSE British bank stock this year, down 16%.
