Nigel Farage agrees to settle debanking row with NatWest
26 March 2025, 18:21
Reform UK leader Nigel Farage has settled his debanking feud with NatWest, two years after the decision to close his accounts sparked outrage, leading to the resignation of the bank’s chief executive.
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The bank has allegedly agreed to pay the politician an undisclosed sum in damages, seemingly ending their feud.
As part of the agreement, Farage will withdraw the threat of potential legal proceedings against NatWest, Sky News reports.
A joint statement read: "NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage.
"The terms of settlement are confidential."
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The row, which saw Dame Alison Rose, NatWest's former chief executive resign in the summer of 2023, erupted when Farage had his Coutts bank account closed for commercial or political reasons.
At first, NatWest claimed the decision was solely commercial, however, Farage eventually obtained evidence suggesting his political opinions played a role in the move.
In the wake of the row, the issue of debanking entered the British political mainstream.
It eventually led the City watchdog to order changes to how financial institutions treat so-called politically exposed persons (PEPs).
Solicitor Jeremy Asher recently told LBC: “Every year, thousands of innocent individuals are being ‘debanked,’ which means having their bank accounts closed without explanation.
“High profile victims of debanking include politicians such as Nigel Farage MP and the former Chancellor of the Exchequer, Jeremy Hunt.
“However, for the silent majority without a public platform from which to challenge the organisations behind the process of debanking, reparation can be a long and difficult journey.
“Debanking is usually due to fraud markers placed against an individual by agencies, including Cifas, who monitor instances of fraud and fraudulent activity and share data with the financial sector, including banks.
“These markers are intended to prevent financial crime, but when applied incorrectly, they can devastate lives.”
