Peter Flavel: Coutts CEO steps down over Nigel Farage bank account closure scandal

The chief executive of Coutts, the exclusive private bank which closed Nigel Farage’s account, has stepped down over the scandal.

In a statement released on Thursday (27 July), former boss Peter Flavel said in the “handling” of Farage’s bank account, the company had “fallen below its high standards of personal service”. He continued: “As CEO of Coutts, it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

Natwest, which owns Coutts, said the resignation was by “mutual consent” and was the “right choice for Coutts and the wider group”. It follows the earlier departure of Natwest boss Dame Alison Rose, who dramatically quit her role after admitting she had leaked an “inaccurate” story about Farage’s funds to the BBC.

It was first revealed that Farage’s account with Coutts had been unexpectedly closed at the end of June - which the BBC reported was due to the politician falling below the financial threshold required of customers. However, Farage then announced that he had obtained a 40-page dossier compiled on him by Coutts, which revealed that he did in fact meet the bank’s strict economic criteria, and was instead dropped because his views “did not align” with its values.

Farage branded this as “political persecution at the very highest level”, and vowed to campaign against people being “de-banked” over politics. Earlier on Thursday (27 July), he announced he would launch a website for people who have had similar experiences to him - through which he plans to build a database of the “worst offenders” when it comes to “de-banking”, in the hopes of bringing about “fundamental change in the system”.

Responding to Flavel’s resignation on Twitter, now known as X, the former UKIP and Brexit Party leader said: “It was only a matter of time before Peter Flavel, Coutts CEO, stood down.

“The ultimate responsibility for the dossier de-banking me for my political views lies with him. I even wrote to Mr Flavel twice before going public and didn’t receive an acknowledgment.”

It is expected that Mr Flavel will be replaced by Mohammad Kamal Syed, who is currently the head of asset management at the bank, on an interim basis until a permanent successor is found.

Some have predicted more resignations are still yet to come. Farage previously demanded the resignation of the entire NatWest board - and insisted a “cultural change” is needed within the industry.

This is a breaking news story and will be updated with more information shortly.