The chief government of the banking group that owns Coutts has apologised to Nigel Farage after his account was closed.

The former UKIP and Brexit Party chief claimed the elite financial institution took the motion as a result of his views didn't align with the agency's "values".

But different media experiences steered it was right down to his funds not reaching the corporate's threshold.

Earlier this week, Mr Farage claimed to have a 40-page doc that proved Coutts "exited" him as a result of he was considered "xenophobic and racist" and a former "fascist".

But Coutts hit again, saying it didn't shut accounts "solely on the basis of legally held political and personal views".

Now, after weeks of the row enjoying out in public, the chief government of the Natwest Group, Alison Rose, has apologised for "deeply inappropriate comments" made about him in paperwork ready for the corporate's wealth committee.

In a letter to him, seen by Sky News, she insisted the remarks did "not reflect the view of the bank", including: "I believe very strongly that freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views."

The apology got here because the Treasury introduced new stricter measures on banks closing accounts to guard freedom of expression.

The authorities stated the organisations will now have to tell clients of the explanation why they're closing accounts, and lengthen the discover interval from 30 days to 90 - giving clients extra time to problem the choice or discover a new financial institution.

Economic Secretary to the Treasury, Andrew Griffith, stated: "Freedom of speech is a cornerstone of our democracy, and it must be respected by all institutions.

"Banks occupy a privileged place in society, and it's proper that we pretty stability the rights of banks to behave of their business curiosity, with the suitable for everybody to specific themselves freely."

Read extra:What occurred to Nigel Farage's checking account?Are banks allowed to shut accounts?

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In her letter, Ms Rose stated she "fully understands" each Mr Farage's and the general public's considerations that the processes for checking account closures weren't "sufficiently transparent", including: "Customers have a right to expect their bank to make consistent decisions against publicly available criteria and those decisions should be communicated clearly and openly with them, within the constraints imposed by the law."

She agreed that "sector-wide change" was wanted however, following the incident with Mr Farage and Coutts, she would now fee a full evaluate of the financial institution's processes "to ensure we provide better, clearer and more consistent experience for customers in the future".

In an additional assertion launched after Sky News broke the story of the letter, Ms Rose reiterated her apology, however added: "It is not our policy to exit a customer on the basis of legally held political and personal views.

"Decisions to shut an account usually are not taken evenly and contain quite a few elements together with business viability, reputational issues, and authorized and regulatory necessities."

The bank has now offered "different banking preparations" at NatWest

Content Source: information.sky.com