Row over debanking of Reform UK leader led to departure of chief executive Dame Alison Rose in 2023. The NatWest Group could be facing criminal proceedings as Nigel Farage is considering a private case against them. At the time, Coutts said the decision was taken due to commercial unviability, but the Reform UK leader maintained it was due to political beliefs. The debanking scandal resulted in Dame Alison Rose’s departure as chief executive, with the bank acknowledging failings on their part, largely tied to the treatment of confidential information.
Now, as NatWest reported operating pre-tax profit of £6.2bn for last year, news emerged Mr Farage is now taking a new direction in his claims against the group. He told Sky News that Grosvenor Law, acting for him in separate civil proceedings against the bank, are instructing Mr Daw KC to explore a private criminal prosecution. "This is unfinished business," he said. In an additional statement, Dan Morrison, a partner at Grosvenor Law, said: "Mr Farage is concerned about possible criminal issues arising out of the bank's conduct. We do not wish to provide further details.
"We have therefore decided to instruct leading criminal counsel.". NatWest came under pressure from the then-Conservative government in 2023 after Mr Farage produced evidence he suggested showed a personal, rather than commercial, decision was behind his debanking. NatWest’s chairman Sir Howard Davies said: “This report sets out a number of serious failings in the treatment of Mr Farage. Although Travers Smith(’s enquiry) confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality.”.
Sky further noted that “tentative discussions” since then between the two parties over possible settlements have “failed to result in any financial agreement”, with millions potentially at stake in alleged damages. The current government has been reducing its stake in NatWest and now holds under seven per cent, in accordance with a long-term plan to return to full privatisation. That is on track to be completed by summer 2025.
