News

NatWest Group Review Confirms Consistent Decision-Making, No Evidence of Discrimination

James L. Flint

• December 15, 2023

In a recent announcement, NatWest Group stated that an independent review into its closures procedure has confirmed that its decision-making process was in line with relevant standards. The review found no evidence of discrimination based on political views or any other protected characteristic.

The Travers Smith report, which consisted of two phases, highlighted areas where Coutts's policies and procedures governing exit decisions could be improved. NatWest has accepted all the recommendations from both phases of the review and plans to implement them.

Back in July, former politician Nigel Farage claimed that he was dropped as a client of Coutts, a private bank owned by NatWest, due to his political views. Following this incident, the board commissioned Travers Smith to conduct a comprehensive review of account closures at Coutts over the previous 24 months.

"We have recognized the need to enhance our customer account closure processes, and we are already making significant improvements in that regard. Although Travers Smith confirms that the majority of our decisions were appropriate with no evidence of discrimination, we understand that there are lessons to be learned," said Coutts Chief Executive Mohammad Syed.

As of 0925 GMT, shares were up by 0.27% at 8797.88.