Coutts chief executive stands down after Farage banking row

Coutts chief executive Peter Flavel will stand down over his handling of Nigel Farage’s accounts.

In a statement from the new NatWest chief executive, it was announced that Mr Flavel had stepped down by mutual consent and with immediate effect.

“We have fallen below the bank’s high standards of personal service”, Mr Flavel said. “As chief executive of Coutts it is right that I bear ultimate responsibility”.

He is the latest scalp claimed by the row which saw former UKIP leaders Nigel Farage’s bank accounts closed as he did not meet Coutt’s high financial threshold’s and was deemed a publicity risk to the bank.

Coutts, as a private bank and wealth manager, requires its clients borrow or invest at least £1m or hold £3m in savings.

In internal Coutts documents released to Mr Farage he was described as, among other things, a “disingenuous grifter”.

The NatWest chief executive, Dame Alison Rose, resigned early on Wednesday morning, just hours after the NatWest board had expressed full confidence in her.

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The chancellor and prime minister, representing the bank’s largest shareholder – the tax payer – said she did not have their confidence.

On Tuesday evening she admitted a “serious error of judgement” in discussing Mr Farage’s banking arrangements with BBC business editor, Simon Jack.

Mr Farage has called for further sacking and said the whole board of NatWest, who own Coutts, should go.

Responding to Mr Flavel’s exit, Mr Farage said it was “only a matter of time” before he stood down.

“The ultimate responsibility for the dossier de-banking me for my political views lies with him” he said.

“I even wrote to Mr Flavel twice before going public and didn’t receive an acknowledgment.”

An interim Coutts chief executive, in the form of Mohammad Kamal Syed has been asked to take up the chief executive position.