DIRS.INFO The most relevant business & tech news

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ UK tightens rules over bank account closures after 'debanking' criticism
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts. Under the new rules, banks will need to explain any closure and customers will be given more time - 90 days - to challenge a decision through the Financial Ombudsman Service, or find a replacement bank, the Treasury said. Reporting by William James, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Farage, Banks, Andrew Griffith, William James, Kylie MacLellan Organizations: Treasury, Financial, Authority, NatWest, Financial Ombudsman Service, Thomson Locations: Banks, Britain

☆ Farage makes fresh allegations against UK's Coutts over account closures
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

Reuters previously reported that Coutts was closing Farage's accounts mainly for commercial reasons, citing a source familiar with the matter. The BBC previously reported Farage had fallen below the financial threshold required to be a customer of the private bank - something Farage said he had had no knowledge of. A Coutts spokesperson told Reuters that its ability to respond to Farage's fresh claims were restricted by obligations to protect client confidentiality. Farage told Reuters the issue "raises very broad questions about our banks and how deeply political they have become." Farage previously said he believed it was because he was deemed a "politically exposed person" (PEP), meaning banks have to apply additional scrutiny to accounts.

Persons: Nigel Farage, Coutts, Farage, Donald Trump, Iain Withers, Sinead Cruise, David Evans Organizations: Brexit Party, NatWest Group, Twitter, Reuters, BBC, Farage, Britain's Daily Telegraph, Thomson Locations: Russia

☆ Nigel Farage says set to lose Coutts account, offered NatWest one instead
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 4 (Reuters) - Nigel Farage, the former Brexit party leader, said on Tuesday that British private bank Coutts had told him it was closing his accounts and had offered him a standard one with its parent group NatWest instead. A NatWest spokesperson declined to comment. The BBC reported earlier on Tuesday that Farage fell below the financial threshold required to hold a Coutts account. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds ($1.3 million) with the bank or hold 3 million pounds in savings. He said he had been offered a NatWest account on June 29 after he complained publicly about losing his accounts, adding he has been given a postponement of a few weeks before his Coutts accounts are closed.

Persons: Nigel Farage, Coutts, Farage, Iain Withers, Alexander Smith Organizations: NatWest, Reuters, BBC, Thomson

Search resuls for: "Farage's"

5 mentions found