The leader of Reform UK, Nigel Farage, has successfully resolved his dispute with NatWest Group over the closing of his accounts, an issue that started nearly two years ago and eventually led to the resignation of the bank’s chief executive.
According to Sky News, Farage and NatWest reached a settlement, with the bank reportedly compensating him with a damage payment, the amount of which has not been disclosed. In exchange, Farage has dropped his threats of pursuing civil and criminal actions against the bank.
Nick Candy, treasurer of Reform, played a crucial role in mediating the agreement during discussions at a law firm in London this past Tuesday.
Although the specifics of the agreement remain undisclosed, both parties issued a joint statement expressing satisfaction over the resolution of their dispute, with NatWest issuing an apology to Farage.
Initially, Farage had aimed to claim millions in damages, citing reputational harm from the debanking incident.
The controversy intensified after revelations that the decision to close Farage’s accounts at NatWest’s Coutts subsidiary may have been politically motivated, contrary to the bank’s initial claims of commercial reasons. This was further complicated by a misleading BBC News report, adding fuel to the scandal.
The situation led to significant political repercussions under the Conservative government of Prime Minister Rishi Sunak and Chancellor Jeremy Hunt, culminating in an emergency board meeting and the resignation of NatWest’s then-chief executive, Dame Alison Rose, after a public apology to Farage.
Since then, leadership at NatWest has changed, and the bank has reported increased profitability and is nearing full privatization. The government’s stake in the bank has been reduced to under 4%, with complete divestment expected by early summer.
