The UK’s Financial Conduct Authority (FCA) has officially launched an investigation into NatWest’s governance, systems, and controls related to the “debanking” controversy involving Nigel Farage. This move has resulted in NatWest Group CEO Alison Rose losing her position.
The FCA has stated that it is actively working to identify and rectify any significant deficiencies in the bank’s operations. The investigation will encompass the use of the FCA’s statutory information-gathering powers, interviews with relevant bank personnel, and assessments of relevant policies and procedures.
The FCA’s scrutiny of NatWest Group and its subsidiary Coutts has been intensified following the earlier controversy. The agency’s review of an independent report commissioned by NatWest into account closures and data protection breaches has highlighted potential regulatory breaches and areas in need of improvement. These areas include the banks’ processes, systems, and controls for account closures and complaint handling, as well as the allocation of responsibilities and the effectiveness of governance mechanisms.
The FCA has informed both institutions that it is now assessing their governance, systems, and controls to identify and address significant shortcomings. This assessment will also consider the broader implications for the fair treatment of customers. Individual complaints about how specific cases have been handled remain under the jurisdiction of the Financial Ombudsman Service, with which the FCA cooperates.
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