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Coutts boss resigns after Nigel Farage bank account row

todayJuly 27, 2023 1

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Coutts boss resigns after Nigel Farage bank account row

Peter Flavel will step down with immediate effect

The boss of bank Coutts which shut down Nigel Farage’s bank account, Peter Flavel, will step down immediately, its owner NatWest Group has said.

It follows the resignation of NatWest’s chief executive Dame Alison Rose in the early hours of Wednesday.

Its interim boss, Paul Thwaite, said the resignation was agreed by mutual consent and is the “right decision for Coutts and the wider group”.

Mr Flavel is expected to be replaced by Mohammad Kamal Syed, who is currently the head of asset management at the bank, on an interim basis until a permanent successor is found.

The high-net-worth bank has been at the centre of a row sparked by former Ukip leader Mr Farage, after he said his account was shut down because it did not agree with his political views.

Mr Flavel said: “I am exceptionally proud of my seven years at Coutts and I want to thank the team that have built it into such a high-performing business.

“In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service.

“As CEO (chief executive officer) of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

Mr Syed is the “ideal person to lead Coutts through this difficult time”, the banking group said.

Dame Alison’s departure earlier in the week came after she had admitted to a “serious error of judgment” by discussing with a BBC journalist Mr Farage’s relationship with Coutts.

Mr Farage had presented evidence that his account with Coutts had been closed partly due to his political beliefs conflicting with the bank’s values.

Ministers moved to introduce a number of reforms last week amid concerns that people were being denied crucial banking services.

Mr Farage tweeted that it was “only a matter of time” before Mr Flavel stepped down.

He said he wrote to him twice before “going public” with the issue but did not get a reply.

Published: by Radio NewsHub

Written by: admin

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