NatWest has said a review into closures of Coutts’ customer accounts found “no evidence of discrimination” in relation to people’s political views.
It looked at 84 account closures after NatWest admitted serious failings in its treatment of Nigel Farage.
The closure of the former UKIP leader’s account sparked debate over whether banks acted against customers due to their political leanings.
The closure of the former UKIP leader’s account sparked debate over whether banks acted against customers due to their political leanings.
Coutts, the prestigious private bank for the wealthy which is owned by NatWest, closed about 900 accounts over a two-year period, some of which included those of labelled politically exposed persons (PEPs).
Someone classed as a PEP generally presents a higher risk for financial institutions, as they are deemed to be more exposed to potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
As a result, banks are required to do extra due diligence on them.
The report, carried out independently by law firm Travers Smith, looked into 84 account closures as a sample and found decisions taken in shutting the accounts were appropriate and consistent with industry standards.
“There was no evidence of discrimination due to political views or affiliations, or any other protected characteristic,” the report said.
NatWest has said a review into closures of Coutts’ customer accounts found “no evidence of discrimination” in relation to people’s political views.
The closure of the former UKIP leader’s account sparked debate over whether banks acted against customers due to their political leanings.
It looked at 84 account closures after NatWest admitted serious failings in its treatment of Nigel Farage.
Coutts, the prestigious private bank for the wealthy which is owned by NatWest, closed about 900 accounts over a two-year period, some of which included those of labelled politically exposed persons (PEPs).
The closure of the former UKIP leader’s account sparked debate over whether banks acted against customers due to their political leanings.
The closure of the former UKIP leader’s account sparked debate over whether banks acted against customers due to their political leanings.
Coutts, the prestigious private bank for the wealthy which is owned by NatWest, closed about 900 accounts over a two-year period, some of which included those of labelled politically exposed persons (PEPs).
Someone classed as a PEP generally presents a higher risk for financial institutions, as they are deemed to be more exposed to potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
As a result, banks are required to do extra due diligence on them.
The report, carried out independently by law firm Travers Smith, looked into 84 account closures as a sample and found decisions taken in shutting the accounts were appropriate and consistent with industry standards.
“There was no evidence of discrimination due to political views or affiliations, or any other protected characteristic,” the report said.
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