NatWest Boss Resigns After Admitting She Leaked Farage Bank Information to BBC

File photo of Dame Alison Rose, dated Feb. 14, 2020. (Nicholas T. Ansell/PA Media)

NatWest boss Dame Alison Rose has resigned after admitting she was the source of an inaccurate BBC story about Nigel Farage’s finances.

She said on Tuesday that she had made a “serious error of judgment” when she discussed with a BBC journalist why the private bank Coutts, owned by NatWest Group, had closed the former Brexit Party leader’s account.

The BBC had apologised to Mr. Farage for suggesting in the report that his Coutts account was closed due to lack of funds rather than his political views, saying the story was based on information from a “trusted and senior source” but “turned out to be incomplete and inaccurate.”

Nigel Farage speaks during the Brexit: Let's Go WTO rally by the Leave Means Leave Brexit Campaign in Central Hall in London, on Jan. 17, 2019. (Leon Neal/Getty Images)

Following Ms. Rose’s admission, the NatWest Group Board initially said it “retains full confidence” in her as CEO of the bank.

But just hours later, the bank announced Ms. Rose was stepping down.

‘Always Unacceptable’

In a statement issued in the early hours on Wednesday, NatWest Group Board chairman Howard Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”

Ms. Rose said: “I remain immensely proud of the progress the bank has made in supporting people, families, and business across the UK, and building the foundations for sustainable growth. My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”

NatWest also announced that Paul Thwaite, the current chief executive of the company’s Commercial and Institutional business, will take over Ms. Rose’s responsibilities for an initial period of 12 months, pending regulatory approval.

The board said in a statement that a further process to appoint a permanent successor will take place “in due course.”

City Minister Andrew Griffith said it is “right” for her to step down.

He wrote on Twitter: “This would never have happened if NatWest had not taken it upon itself to withdraw a bank account due to someone’s lawful political views. That was and is always unacceptable.

“I hope the whole financial sector learns from this incident. Its role is to serve customers well and fairly—not to tell them how or what to think.”

‘Whole Board Needs to Go’

Mr. Farage claimed earlier this month that Coutts, which he had been with for over 40 years Coutts, had closed his account with “no explanation.”

The BBC then published a story suggesting his account had been shut for “falling below” the private bank’s wealth limit.

But last week, Mr. Farage released dossiers he had acquired from the bank, which indicated that Coutts shut his bank account because it found his public statements did “not align” with its values.

He accepted the BBC’s apology but said the spotlight should be put on NatWest over the leaking of his personal financial information.

Following Ms. Rose’s resignation, Mr. Farage said it is “a start,” but the whole NatWest board should be held to account.

He told GB News: “It was the board that sanctioned this culture that talks about diversity and inclusion, and actually is very divisive. In my case, as you can clearly see, pretty poisonous stuff.

“I think any board member that endorsed that statement last night, where they said ‘yes, she breached confidentiality, but she can stay in her post.’ Frankly, I think the whole board needs to go.”

Mr. Farage also called for “cultural change” within NatWest, adding, “They ought to go back to being a bank, rather than being a moral arbiter for political positions.”

PA Media contributed to this report.