An independent review into NatWest Group's decision to close the bank account of the former UK Independence Party leader, Nigel Farage, has found a number of “serious failings” in how the group, including its subsidiary Coutts, treated the politician.
The report was conducted by the law firm Travers Smith in the wake of the debanking saga, which culminated in the resignation of NatWest Group chief executive Dame Alison Rose.
“Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached, as well as failures in how we communicated with him and in relation to client confidentiality,” said NatWest chairman Sir Howard Davies.
“We apologise once again to Mr Farage for how he has been treated. His experience fell short of the standards that any customer should expect.”
'Laughable'
For his part, Mr Farage dismissed the report, calling it a "whitewash."
“The report's authors claim it was 'predominantly a commercial decision' to close my accounts but, crucially, they also noted that evidence given to them by witnesses in relation to this episode was not entirely consistent," he said.
“Travers Smith has taken a very mealy-mouthed approach to this complex issue. The law firm argues that my political views 'not aligning with those of the bank' was not in itself a political decision. This is laughable.”
Meanwhile, the UK's Financial Conduct Authority said on Friday it had identified potential “regulatory breaches” in NatWest's handling of the decision to close Mr Farage's Coutts bank account.
The FCA said the Travers Smith review, as well as addition information, had highlighted a “number of areas for improvement”, including the process and systems NatWest and Coutts have for closing bank accounts, as well as the effectiveness of their governance mechanisms.
Gloomy outlook
The release of the review's findings came as NatWest Group posted its third-quarter results, which showed a pre-tax profit of £1.3 billion ($1.58 billion) for the three months between July and September, up from £1.1 billion a year earlier and broadly in line with what analysts had expected.
However, NatWest's net interest margin (NIM), a key measure of lending profitability, came in at 2.94 per cent, down 0.19 percentage points as customers shifted savings from non-interest bearing savings accounts to those that paid out more.
NIM is essentially the difference between what banks charge in terms of interest rates to borrowers and the rates they offer to savers.
As a result, NatWest downgraded its margin forecast for the full year, to “greater than 3 per cent”, from a previous view of around 3.15 per cent.
For Richard Hunter, head of markets at Interactive Investor, all the major banks are experiencing this drop in their NIMs.
“The changing deposit mix has been a feature of the reporting season this far, as has the pressure on mortgage margins, which has impacted overall NIM,” he said.
There were some bright spots in NatWest's results but, overall, markets were disappointed by the NIM and the lender's shares fell by as much as 18 per cent in London.
“Deposit levels did grow, which is a positive sign that NatWest is pricing itself at the right levels to attract customers searching for higher rates,” said Matt Britzman, an equity analyst at Hargreaves Lansdown.
“That trend is plain to see, with longer-term cash balances jumping to 15 per cent of the book – compared to 11 per cent last quarter. But it is [a] less profitable business than non/low-interest current accounts.
“Add in mortgage headwinds as highly profitable business written over the pandemic rolls off, and that has caused the hit to net interest margin.”
Paul Thwaite, NatWest's interim chief executive, said “credit losses and impairments remain low and we are ready and able to stand by our customers and businesses through the current economic uncertainty”.
Mr Thwaite took the helm in July after the resignation of Ms Rose.
Killing of Qassem Suleimani
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Company%20Profile
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UAE currency: the story behind the money in your pockets
RIDE%20ON
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The%C2%A0specs%20
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'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY%20PROFILE
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Company%20profile
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The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
AL%20BOOM
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Company%20profile%20
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
