Coutts CEO Peter Flavel has stepped down from the personal financial institution with quick impact over the “mishandling” of Nigel Farage’s checking account closure.
His resignation comes lower than 48 hours after his boss, CEO of NatWest Alison Rose, stepped down over the identical debacle.
Flavel, who has been with the financial institution since 2016, stepped down by “mutual consent”, NatWest’s performing CEO Paul Thwaite mentioned in an announcement.
Thwaite has taken over the position from Rose for the following 12 months whereas the financial institution searches for a everlasting alternative.
“Within the dealing with of Mr Farage’s case we’ve got fallen under the financial institution’s excessive requirements of non-public service,” Flavel mentioned.
“As CEO of Coutts it’s proper that I bear final accountability for this, which is why I’m stepping down.”
Rose resigned on Wednesday over the rising row that started when the previous Ukip chief’s financial institution accounts have been closed by Coutts a couple of months in the past.
Farage accessed paperwork that confirmed there weren’t simply industrial causes for closing his account — as Rose incorrectly instructed a BBC journalist — however that his alleged “xenophobic, chauvinistic and racist views” additionally posed a danger to the financial institution and its fame.
Rose has since apologised to Farage over the blunder and the BBC has rectified its article.
“Whereas I will likely be personally sorry to lose Peter as a colleague, I imagine that is the precise choice for Coutts and the broader group,” Thwaite mentioned.
