Shares in NatWest suffered a 12% drop, hitting 30-month lows, following the serious mishandling of Brexit campaigner Nigel Farage's account closure at Coutts. The bank has since lowered its full-year income guidance amidst these issues. The significant decrease in share price comes after an independent report by Travers Smith law firm revealed communication breakdowns over the legal closure of Farage's account.
In the wake of the controversy, Chairman Sir Howard Davies issued an apology. The report also suggested that former CEO Dame Allison Rose may have violated privacy rules by leaking confidential information about Farage to a BBC journalist. Farage has criticized the report, labeling it a "whitewash" and pointing to frequent mentions of Brexit in documents from his Subject Access Request.
Britain’s Information Commissioner’s Office ruled on Rose's alleged privacy breach, which has led to a review by the UK’s Financial Conduct Authority into NatWest. This regulatory scrutiny adds further pressure on the bank as it navigates through this complex situation.
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