- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2023-09-21T19:05:00
The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.
The answer is “no,” said the U.K.’s Financial Conduct Authority (FCA).
In a report published Tuesday, the regulator said no firm closed a personal account between July 2022 and June primarily because of a customer’s political views—a practice that is banned under the U.K.’s Payment Accounts Regulations.
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Just because Alison Rose received a public apology from the U.K. Information Commissioner’s Office regarding the suggestion she might have violated the General Data Protection Regulation doesn’t mean NatWest could avoid sanction.
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
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