Bank settles with Reform UK leader over Coutts account row after explosive political fall-out.
Nigel Farage has bagged a payout from NatWest after the bank admitted it was wrong to shut down his account at its elite private arm, Coutts — in a move he says was sparked by his political views.
The former Brexit Party boss and now Reform UK leader had threatened criminal and civil action after being “debanked” in what he described as an “establishment stitch-up”.
But in a dramatic U-turn, NatWest has now apologised and settled the row behind closed doors — with the final payout kept secret.
In a joint statement, Mr Farage and the banking giant said the matter had been “resolved and settled”.
Billionaire property mogul Nick Candy, now Reform UK’s treasurer, played a key role in hammering out the deal, sources claim.
Mr Candy, who ditched the Conservatives last year to join Farage’s insurgent party, is said to have helped broker the agreement through high-end Mayfair law firm Grosvenor Law, used by both men.
DEBANKING BOMBSHELL
The scandal blew up in 2023 when Mr Farage revealed his Coutts account had been closed, with NatWest originally blaming “commercial reasons”.
But bombshell internal documents later revealed the bank had flagged Farage’s support for Donald Trump, alongside what it branded “xenophobic, chauvinistic and racist views”.
The documents also showed Coutts staff mocking Farage, calling him a “crackpot” and an “awful human being”. One staffer even said they’d have paid to be the one to break the news of his account closure.
A dossier on Mr Farage reportedly ran to thousands of pages. Farage hit back at the accusations, calling them an “appalling slur”.
BANK BOSS BOOTED
The debacle cost NatWest’s then-CEO, Dame Alison Rose, her job. She was forced to quit after admitting to leaking false info about Farage’s finances to a BBC journalist.
She claimed Mr Farage’s account had been closed because he didn’t meet the bank’s wealth threshold — something later shown to be untrue. Rose later admitted it was a “serious error of judgment”.
FCA SLAMS ‘SERIOUS FAILINGS’
A review by law firm Travers Smith said that while NatWest acted within the law, there were “serious failings” in how it handled the situation.
The Financial Conduct Authority (FCA) launched an inquiry into how banks treat political figures, and the Treasurybrought in new rules forcing banks to give three months’ notice and clear reasons before closing anyone’s account.
HOW MUCH DID HE GET?
It’s unclear how much Farage has pocketed in the settlement, but reports suggested he was originally eyeing millions in damages for reputation loss.
Farage has since withdrawn his legal threats, according to Sky News.
Despite the apology and cash, the Reform UK leader said he’s still furious with the bank.
“They are paying out £350million in bonuses to the same people who abused me,” he said.
“I am left feeling that my efforts with this organisation have been in vain.”
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