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Trust is one of the most precious commodities in banking, as NatWest may well be discovering to its cost. On the same day that its share price plunged after the release of disappointing financial results, the bank published a report by the law firm Travers Smith into the closure of Nigel Farage’s account at its subsidiary, Coutts.
More than a million accounts have been shut since 2019 and the banks are in line this year to beat the previous record of 343,500 set in 2022.
NatWest was embroiled in a huge row after it insisted it had not closed Nigel Farage's Coutts account because of his political views but the ex-Ukip leader suggested otherwise
An independent review of the decision by NatWest Group ruled that while there were 'serious failings' in the way he was 'debanked', it was mainly a commercial decision.
Natwest hoped the Travers Smith report would see the bank move on from the Alison Rose Nigel Farage scandal. It might have made things worse.