Farage Insists NatWest Chair ‘Has to Go’ After Minister Said Resignation Not ‘Helpful’

NatWest chair bank needs 'stability' after the Coutts de-banking Scandal

Nigel Farage speaks during a visit at Dover harbour, in Dover, Britain, on Aug. 12, 2020. Matthew Childs/Reuters

Nigel Farage has insisted that NatWest chairman Sir Howard Davies “has to go” after a government minister backed Mr. Davies’ decision to not resign over the closure of Farage’s bank account.

The politicised de-banking of the former Brexit Party leader by private bank Coutts has already led to the resignation of Coutts’ CEO Peter Flavel and Dame Alison Rose, CEO of NatWest Group, which owns Coutts.

Mr. Davies, whose tenure as NatWest’s chairman is due to end by July next year, said on Friday that he won’t resign now because NatWest needs “stability.”

He also defended the board’s initial decision to back Ms. Rose and announced an external review of the incident.

City minister Andrew Griffith, who has led the government’s response to the incident, backed the decision on Friday, saying Mr. Davies’ resignation wouldn’t be helpful at this time.

But Mr. Farage insisted on Saturday that he “has to go,” and accused him of appointing “one of his mates” to carry out the review.

Mr. Farage revealed last month that his bank account was closed for unknown reasons and that he wasn’t able to find another bank, calling it a “political persecution.”

Chair of NatWest Howard Davies leaves BBC Broadcasting House in London, after appearing on the panel of BBC One current affairs programme, Sunday with Laura Kuenssberg, on Jan. 15, 2023. James Manning/PA

The BBC then published a story suggesting Mr. Farage had his account shut for “commercial” reasons because he fell below the prestigious bank’s wealth threshold, citing an unnamed source, who was later revealed to be Ms. Rose.

But meeting minutes obtained later by Mr. Farage revealed that the decision was made because his “publicly-stated views” were deemed incompatible with Coutts’ "position as an inclusive organisation.”

The dossier cited examples of “adverse press” about Mr. Farage’s Brexit campaign and endorsement of former U.S. President Donald Trump and his remarks that were characterised as “climate denying” or being xenophobic, racist, or anti-semitic.

The BBC has apologised to Mr. Farage.

After Ms. Rose admitted to talking to the broadcaster, NatWest’s board of directors initially backed her, only to announce her resignation hours later. Mr. Flavel also resigned a day later.

Ensure Stability

During a briefing about NatWest’s financial result on Friday, Mr. Davies confirmed there will be an “orderly succession” before his tenure ends next year, but declined to resign immediately.

“I serve at the behest of shareholders but my intention is to continue to lead the board and ensure that the bank remains stable and able to support our 19 million customers,” he said.

Mr. Davies also defended the board’s initial decision to back Ms. Rose, saying it was “a rational decision to make at the time.”

The board and Ms. Rose later decided her position had become “untenable” because of the “political reaction,” he added.

The bank chair said law firm Travers Smith had been appointed to carry out an external review. According to terms of reference published on NatWest’s website, the review will examine Coutts’ decision to close Mr. Farage’s account, whether customer confidentiality was breached in relation to the BBC article, and Coutts’ account closures over the last two years.

Minister: Resignation Not Helpful

Although NatWest has bought back a significant amount of its shares following the government bailout in 2008, the government remains to be the bank’s biggest shareholder, owning 38.6 percent of its shares.

Appearing on BBC Radio 4’s “Any Questions” programme on Friday, Mr. Griffith said Mr. Davies shouldn’t resign.

“Alison was the chief executive responsible for the day-to-day conduct of that organisation,” the minister said.

“Sir Howard is the chairman of the board. He’s already going, they’re looking for a new chairman. I don’t think that Sir Howard Davies going now would be helpful.

“The important thing is there’s an independent investigation. I want to find out what was going on.”

Farage: Davies ‘Has to Go’

However, Mr. Farage said Mr. Davies’ decision to stay on “was wrong.”

He also said there’s “no way on earth” Travers Smith should be allowed to conduct the external review.

Mr. Davis is a former chairman of the Financial Services Authority, which is the predecessor of the current financial regulator Financial Conduct Authority.

In a video published on YouTube, Mr. Farage criticised him for backing Ms. Rose.

“How somebody who ran regulation of financial services could think it right initially to back someone who'd broken plenty of the rules, including the most fundamental rule of banking, which is client confidentiality, is quite beyond me,” Mr. Farage said.

“He then said that she'd been a great leader, which means of course, that she gets her payoff.”

It’s unclear what the exact words Ms. Rose told the BBC were, or whether she has broken any rules or regulations.

File photo of Dame Alison Rose, dated Feb. 14, 2020. Nicholas T. Ansell/PA Media

Mr. Farage also criticised Mr. Davis for appointing Travers Smith, which Chair Emeritus Chris Hale has been a vocal remainer.

After the UK voted to leave the European Union in 2016, Mr. Hale wrote an article saying the result was “a tragedy” to “liberal, cosmopolitan Londoners” like him.

He also stated that the debate around Brexit had been “conducted publicly in emotional soundbites” and that a “disturbing mix of xenophobia, racism, and nostalgia for a Britain which never existed” was “underlying much Leave campaigning.”

Hitting out at the decision to appoint Travers Smith, Mr. Farage said, “Chris Hale during the referendum campaign said that the Brexit campaign was racist, xenophobic, and nostalgic. Yes, that’s what he said. Almost exactly the same words that were used about me in the document that Coutts had compiled on me.

“There is no way on earth these people can be allowed to conduct this review given their position on Brexit and Brexiteers is previously stated.”

A spokesperson for the Treasury said, “The NatWest Board is responsible for the bank’s strategic and operational management.

“The government has been clear throughout that, as a matter of public policy, it is wrong to remove someone’s bank account because of their political views or something that they said. Free speech within the law and the legitimate expression of differing views is an important British liberty. The Economic Secretary reiterated that message this week with representatives across the banking and building society sector.”

Travers Smith didn’t immediately respond to The Epoch Times’ requests for comments. The Epoch Times hasn’t been able to reach NatWest.