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Farage in 2018. In June 2023, the private bank Coutts closed the account held by the British politician and broadcaster Nigel Farage, triggering controversy. NatWest, the owner of Coutts, initially claimed that he failed to meet the Coutts eligibility criteria of holding £1,000,000 or more in his account, following the expiry of his mortgage.
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On 20 July 2023, Dame Alison Rose, Group CEO of NatWest Group, wrote to Farage to apologise for the contents of the Wealth Committee report. [47] [48] Rose repeated the bank's offer to Farage of a NatWest bank account and announced that she was commissioning a review into Coutts's processes regarding bank account closures. [47] [48] [49]
But decision to shut down Mr Farage’s bank account was lawful, an independent review finds
The NatWest One account is a secured personal account with the Royal Bank of Scotland. NatWest Insurance Services acts as intermediary and broker for general insurance, policies are underwritten by UK Insurance Limited. Life Protector and Guaranteed Bond products are provided by National Westminster Life Assurance. [87]
NatWest Markets Securities is a key subsidiary, operating in the United States. The Royal Bank of Scotland International, trading as NatWest International, RBS International, Coutts Crown Dependencies and Isle of Man Bank, is the offshore banking arm of NatWest Group. It provides a range of services to personal, business, commercial, corporate ...
RBS Group was re-named NatWest Group in 2020. In October 2021, Rose was awarded an honorary degree from Durham University. [28] On 26 July 2023, Rose resigned as chief executive of NatWest Group with immediate effect following the bank's decision to close Nigel Farage's bank account at Coutts. [29]
From January 2003, the company relaunched as 'The One account' when The Royal Bank of Scotland took a majority shareholding, becoming an RBS mortgage brand along with NatWest and First Active. The One account is operated directly by phone, internet and post, with the customer service originally being provided on a 24/365 basis, but has since ...