Business
Key findings from Phase 1 of Travers Smith review
Key findings from Phase 1 of Travers Smith review.
About this update from Natwest Group Plc
[{"type":"text","content":"\n\nNatWest Group plc\n27 October 2023\nKey findings from Phase 1 of Travers Smith review\nNatWest Group has today published the key findings and recommendations from Phase I of the Travers Smith independent review - commissioned by the Board in July - covering the decision to close the Coutts accounts of Mr Farage (Review 1) and the circumstances surrounding a potential breach of confidentiality relating to his customer information (Review 2).\nThe key findings and recommendations report (\"the report\") published today was compiled by Travers Smith. It is compliant with NatWest Group's legal obligations, including customer confidentiality and data protection laws. The report confirms that the exit decision was lawful and was made in accordance with the relevant bank policies and processes, but also identifies a number of shortcomings in how the decision was reached, how the bank communicated with Mr Farage and how it treated his confidential information.\nNatWest Group has accepted - and will implement - all of the recommendations made by Travers Smith. Alongside the report, the bank will make a number of other changes to its policies and procedures designed to deliver better outcomes for its customers and to ensure that the lawfully protected beliefs or opinions of customers do not play any role in exit, retention or onboarding decisions.\nThe Board is considering these findings and deciding on appropriate outcomes. As we would with any other employee, we have a duty of confidentiality to Dame Alison Rose. However, given her role as the former CEO of NatWest Group, there is a disclosure obligation in relation to her remuneration. The bank will disclose the relevant outcomes, as soon as possible.\nSeparately, the Financial Conduct Authority has confirmed that it is conducting supervisory work, covering both NatWest Group and Coutts, into how the firms' governance, systems and controls are working, to identify and address any significant shortcomings.\nCommenting on NatWest Group's response to the report, NatWest Group Chairman, Sir Howard Davies, said:\n\"This report sets out a number of serious failings in the treatment of Mr Farage. Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in rel...