Nigel Farage, the leader of Reform UK, has taken a significant step in his ongoing battle with NatWest Group by exploring the possibility of launching private criminal proceedings against the bank. This move comes in the wake of the highly publicized debanking scandal that led to the resignation of NatWest’s former CEO, Dame Alison Rose, in the summer of 2023. According to Sky News, Farage has instructed Chris Daw KC, a prominent barrister from Lincoln House Chambers, to investigate whether there are grounds for a criminal case against the banking giant. This development appears to be strategically timed to coincide with the release of NatWest’s annual results on Friday morning, just weeks before the UK government is expected to sell its remaining shares in the bank. The government’s stake, which currently stands below 8%, is set to be fully divested by spring, nearly 17 years after the bank received a £45.5 billion taxpayer bailout.
Farage confirmed to Sky News on Thursday evening that Grosvenor Law, the firm representing him in separate civil proceedings against NatWest, had instructed Daw KC to explore the possibility of a private criminal prosecution. He described the situation as “unfinished business,” signaling his determination to hold the bank accountable for its actions. Dan Morrison, a partner at Grosvenor Law, added, “Mr. Farage is concerned about possible criminal issues arising out of the bank’s conduct. We have therefore decided to instruct leading criminal counsel.” The law firm has chosen not to disclose further details at this stage, but the move underscores Farage’s resolve to address what he perceives as wrongdoing by NatWest.
The debanking scandal at the heart of this dispute revolves around the decision by NatWest’s Coutts subsidiary to close Farage’s bank accounts. The bank initially claimed that the decision was based on commercial reasons, but Farage later obtained internal evidence suggesting that his political views played a significant role in the decision. This revelation sparked a major controversy, with then-Prime Minister Rishi Sunak and Chancellor Jeremy Hunt expressing a loss of confidence in Dame Alison Rose’s leadership. The backlash led to Rose’s resignation and prompted the City watchdog to issue new guidelines for banks and financial firms. The regulators emphasized the need to ensure that politically exposed persons (PEPs), including politicians, senior public officials, and their families, are not treated unfairly.
Farage’s decision to pursue criminal charges against NatWest marks a fresh escalation in his campaign against the bank. This move is particularly notable given Farage’s growing influence in British politics. Despite Reform UK securing only a handful of seats in the last general election, the party finished in second place in numerous constituencies, signaling its potential to shape future political landscapes. Farage’s close ties to Donald Trump, who was inaugurated for his second term as U.S. President last month, have further fueled speculation about his role in shaping the identity of Britain’s next government ahead of the 2029 general election. A recent opinion poll conducted by YouGov for Sky News even placed Reform ahead of both the Labour Party and the Conservatives for the first time, highlighting the party’s rising prominence.
NatWest, now under the leadership of CEO Paul Thwaite, is currently in its strongest financial position in decades. Despite the looming threat of legal action from Farage, the bank appears to be on a stable footing, with the government’s stake set to be fully exited by spring. A spokesperson for NatWest declined to comment on individual customers, maintaining the bank’s policy of not discussing specific cases publicly. Meanwhile, tentative discussions between Farage’s legal team and NatWest over a potential settlement have reportedly broken down, with Farage initially seeking millions of pounds in damages for alleged reputational harm caused by the debanking controversy.
As this legal drama unfolds, it raises broader questions about the balance of power between individuals, financial institutions, and the political establishment. Farage’s decision to pursue criminal charges against NatWest not only reflects his personal determination to clear his name but also highlights the ongoing tension between banks and politically exposed individuals. The outcome of this case could have significant implications for how financial institutions handle the accounts of high-profile political figures in the future. With the government preparing to fully divest its stake in NatWest and Farage’s political influence continuing to grow, this saga is far from over. The coming months will likely see further developments, as both sides navigate a complex legal and political landscape.
