Nigel Farage considers criminal action against NatWest over debanking scandal

In the United Kingdom, Nigel Farage, leader of the Reform UK party, is contemplating legal action against NatWest Group, stemming from his controversial debanking incident in 2023. This debanking scandal led to the resignation of Dame Alison Rose as chief executive of NatWest after concerns were raised about the bank's treatment of politically exposed persons. Following his account closure with Coutts, a NatWest subsidiary, Farage argued that the decision was politically motivated, contrary to the bank's initial claims of commercial unviability. The situation escalated after he produced internal evidence suggesting his political beliefs were a key factor. As a result, discussions between Farage's legal team and NatWest regarding potential settlements have been unsuccessful, prompting Farage to consider private criminal proceedings to hold the bank accountable. He has enlisted the expertise of Chris Daw KC for legal guidance in this matter. Moreover, this development coincides with the bank's announcement of its annual results, shortly before the government plans to divest its remaining shares in NatWest. Farage's pursuit of legal action signifies an ongoing clash between political figures and financial institutions regarding perceived unfair treatment, and it may have serious implications for NatWest's reputation and operations moving forward. The City watchdog has since urged banks to handle politically exposed persons, including public officials and their families, with more fairness, underlining the broader ramifications of this high-profile case.