Brexit leader Nigel Farage has successfully resolved his long-standing debanking dispute with NatWest Group, nearly two years after the closure of his accounts at the bank’s Coutts subsidiary. The settlement, which includes an apology from NatWest, brings closure to a saga that led to the resignation of the bank’s former chief executive, Dame Alison Rose, in 2023.
Farage, leader of Britain’s rising Reform Party, and NatWest confirmed the resolution in a joint statement, saying, “NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage. The terms of settlement are confidential.”
Sources indicate that NatWest agreed to pay Farage damages, while Farage, in turn, withdrew his threats of civil and criminal proceedings against the bank. Farage initially sought millions of pounds, claiming the debanking row severely damaged his reputation.
The controversy began when Coutts closed Farage’s accounts, initially citing commercial reasons. However, Farage obtained internal bank documents revealing that his political views significantly influenced the decision. The situation escalated after a BBC News report claimed the closure was purely commercial, based on inaccurate information Dame Alison Rose disclosed to a journalist at a charity dinner in violation of privacy rules.
Sir Howard Davies, the bank’s chairman at the time, determined that Dame Alison had to step down despite her public apology to Farage.
