It comes after days of questions for personal financial institution Coutts, owned by NatWest Group, after Mr Farage claimed that his account was closed due to his political beliefs.
The closure of Mr Farage’s accounts sparked outrage amongst senior Tory MPs, with Prime Minister Rishi Sunak amongst these sharing considerations in regards to the matter.
In a fast turnaround, the Treasury introduced on Thursday night that UK banks could be topic to stricter guidelines over closing prospects’ accounts, underneath modifications designed to guard freedom of expression.
Mr Farage, opening his present on GB News, praised the swift response from ministers however stated questions stay for Dame Alison and NatWest.
No particular person ought to should learn such feedback and I apologise to Mr Farage for this
In a press release, she stated that the “deeply inappropriate comments made in the now-published papers prepared for the Wealth Reputation Risk Committee, do not reflect the view of the bank.
“No individual should have to read such comments and I apologise to Mr Farage for this.
“I have written to him today to make that apology and reiterate our offer of alternative banking arrangements.
“In addition, I am commissioning a full review of the Coutts’ processes for how these decisions are made and communicated to ensure we provide a better, more transparent experience for all our customers in the future.”
But Mr Farage hit again on the financial institution boss, who can also be a member of the Prime Minister’s new Business Council, and accused her of being compelled into an apology by the Treasury.
“In life it is always good to get an apology, so thank you Dame Alison for apologising. What I’ve actually been told quietly, privately, is that you were forced into doing this by the Treasury.
“But at least you’ve done it, I suppose. But the whole letter smacks of ‘not me, guv, I mean I’m just the chief executive, I mean, don’t blame me for what the banks under my direct control are doing’”.
He stated that there have been 1000’s in the identical place as him, as he vowed to battle on.
“I’m afraid I can’t just walk away from this. I’ve started this, and I’ve got to continue. So thank you for the apology. It’s a start, but it’s no more than that.”
The financial institution, which closed Mr Farage’s account earlier this yr, cited his retweet of a joke by comic Ricky Gervais about trans girls and his friendship with tennis participant Novak Djokovic, who’s against Covid vaccinations, to flag considerations that he’s “xenophobic and racist” in paperwork seen by MailOnline.
Dame Alison stated: “Both freedom of expression and access to banking are fundamental to our society.
“It is not our policy to exit a customer on the basis of legally held political and personal views.
“Decisions to close an account are not taken lightly and involve a number of factors including commercial viability, reputational considerations and legal and regulatory requirements.
“I fully understand the public concern that the processes for bank account closure are not sufficiently transparent.
“Customers have a right to expect their bank to make consistent decisions against publicly available criteria.
“Those decisions should also be communicated clearly and openly with them, within the constraints imposed by the law.
“To achieve this, wider change is required. But the experience of clients highlighted in recent days has shown we need act now to put our processes under scrutiny.”
But Mr Farage stated that questions stay, as he queried the provide of “alternative banking arrangements”.
“I also wonder if I go to NatWest, how long will it be before they close me down? Because there’s no guarantee that they’ll keep me as a customer and that does genuinely concern me,” he requested as he offered his present from Newport, Wales, in entrance of a reside viewers.
The modifications introduced by the Treasury will imply that banks should clarify why they’re shutting down somebody’s account.
They beforehand haven’t had to supply a rationale for doing so.
The Government stated it was stepping in to guard freedom of expression, over considerations that an individual’s political beliefs had been getting used as a motive for lenders to close down their account.
The modifications is not going to take away a banking agency’s proper to shut accounts of individuals deemed to be a reputational or political danger.
Instead, it is going to increase transparency for purchasers, subsequently making it simpler for them to enchantment towards the choice, the Treasury stated.
It additionally prolonged the discover interval for a compelled account closure from 30 days to 90 days underneath the brand new guidelines.
This will give prospects extra time to problem the choice by way of the Financial Ombudsman Service or discover a alternative financial institution, it stated.
Mr Farage praised the response from the Government, telling his present: “Never before in my public life career, have I put my head over the parapet and received such support.”
