The UK’s Financial Conduct Authority (FCA) has found potential “regulatory breaches” in NatWest’s decision to close former Brexit party leader Nigel Farage’s accounts earlier this year.
The bank revealed in an initial review that the FCA reported that the treatment of Farage was deficient. NatWest stated that there were “serious failings” in how it handled the Farage case and the bank would follow all recommendations from the watchdog.
The FCA responded by commenting that it would be reviewing the governance and system at NatWest in a statement: “This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement.”
A report commissioned by NatWest on the decision in July led to the controversial ousting of CEO Alison Rose, after a career of over 30 years at the bank.
The FCA is reviewing concerns on fair treatment to customers and has not commented on further enforcement. Previously, the FCA announced that they had discovered no proof behind de-banking claims from politicians due to commercial or political reasons.
A new digital wallet and instant payment solution dubbed “Wero” is reportedly being rolled out across western Europe.
Backed by 16 of the European Union’s...
Last week, the Federal Reserve cut interest rates by half a percentage point.
Now, The Wall Street Journal reported Thursday (Sept. 26), small business owners...
Stocks drifted higher over the past week, with the S&P 500 (^GSPC) notching several record closes as investors digested more signs of cooling inflation...