Anti-Financial Crime & Financial Crime Compliance
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UK banks revamp rules on account closures following Nigel Farage scandal

QUIT: NatWest chief Alison Rose resigned over the bank's decision to de-bank UK politician Nigel Farage. The FCA announced Friday it has launched a formal review of the group and is set to go onsite to interview staff.

By Alisha Houlihan for AMLi

Top UK banks on Wednesday agreed to overhaul their account closure procedures and commit to protecting their clients’ “freedom of expression”, as the backlash against NatWest’s handling of Nigel Farage continues.

As a result of Farage’s claim that his account with NatWest’s private bank Coutts has been closed due to his political views, senior executives from Barclays, HSBC, Lloyds, NatWest, Santander and Nationwide were summoned to a meeting with City minister Andrew Griffith.

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