Unlock Editor’s Digest Lock for Free
Natwest paid reform leader Nigel Farage a private amount to resolve a long-term dispute with politicians over his “banking” from the prestigious private bank Coutts.
“Natwest Group and Nigel Farage MP are pleased that they have resolved the dispute and resolved it and that the bank has apologized to Mr Farage. The terms of the settlement are secret,” the bank and Farage said in a joint statement on Wednesday.
According to those familiar with the situation, the settlement included damages paid to Farage.
The settlement ended the famous free speech row between banks and politicians that erupted in July 2023, costing former Natwest CEO Dame Allison.
Farage, a former leader of British independence and Brexit parties, had threatened to take legal action against the banks.
The dispute erupted after Natwest-owned Coutts cut ties with Farage. Politicians claimed he was expelled from the elite lenders in his political views. The lender claimed that it was purely commercial.
Farage later obtained internal documents from Coutts, which showed that the reputational risk committee accused him of being “pandering towards racists” and “dishonest glyfter,” saying his politics “conflicts with our position as an inclusive organization.”
The revelation led to Rose resignation after she admitted to having mistakenly misunderstood a BBC journalist about the closure of Farage’s bank account.
An independent review by law firm Travers Smith later discovered that the decision to expel Farage as a client was primarily commercial and therefore legal. However, the report said the bank was unable to properly communicate its decision and was incorrect in Farage’s complaints.
The settlement was first reported by Sky News.
A Farage spokesperson said he would not comment further.
Additional Reports by Lucy Fisher of London
