CEO of royal banker Coutts resigns amid furor over closure of politician Nigel Farage’s account

LONDON — The chief govt of Coutts Bank, lengthy often known as the bankers for Britain’s royal household and the Aristocracy, has stepped down amid the furor surrounding populist politician Nigel Farage’s complaints that his account was closed due to his political beliefs.

CEO Peter Flavel’s resignation got here only a day after Coutts proprietor NatWest Group parted methods with its CEO, Alison Rose, the primary lady to go one in all Britain’s 4 large banks. Rose left after acknowledging that she had mentioned Farage’s private particulars with a journalist.

“In the handling of Mr. Farage’s case we have fallen below the bank’s high standards of personal service,” Flavel stated in a press release. “As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

The controversy started two weeks in the past when Farage, a right-wing speak present presenter and former chief of the pro-Brexit U.Okay. Independence Party, stated Coutts had improperly closed his account as a result of it disagreed along with his political beliefs.

The BBC then revealed a narrative, based mostly on an nameless supply, saying that the account was closed as a result of Farage didn’t meet Coutts’ 1 million pound ($1.3 million) borrowing requirement.

But Farage obtained paperwork from the financial institution displaying that whereas officers had mentioned his monetary affairs, additionally they examined the “reputational damage” related to maintaining him as a buyer.

Rose later acknowledged that she was the supply of the BBC story.

Farage, a talented consideration seeker, has accused the financial institution of stomping on his freedom of speech. Conservative politicians and pundits have backed Farage, criticizing banks extra broadly for utilizing anti-money laundering legal guidelines to punish folks with unpopular views. They have demanded that banking rules be modified to make sure that everybody has the proper to a checking account.