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| UK watchdog finds potential NatWest 'regulatory breaches' in Farage fiasco |
The Financial Conduct Authority (FCA) revealed on Friday that it has uncovered potential "regulatory breaches" in how NatWest handled the decision to close former Brexit party leader Nigel Farage's accounts.
In a separate statement, NatWest (NWG.L) admitted to shortcomings in its handling of the debanking of Nigel Farage and pledged to implement all the recommendations made in the report regarding the incident.
Furthermore, NatWest announced that it would make a decision regarding the potential docking of its former CEO Alison Rose's pay over this matter "as soon as possible."
NatWest initiated an inquiry in July, enlisting the services of the law firm Travers Smith to review the circumstances surrounding the closure of Farage's account. This decision had significant political ramifications and ultimately led to the departure of CEO Alison Rose, marking the end of her more than 30-year career with the bank.
The FCA, in its statement, stated, "This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement," as it conducts a comprehensive review of the firm's governance, systems, and controls.
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