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FCA responds to NatWest Board announcement on account closures


Commenting on the NatWest Board’s announcement on allegations relating to account closures and breaches of customer confidentiality, FCA executive director consumers and competition Sheldon Mills said ‘We have raised concerns with NatWest Group and Coutts. We made clear our expectation that these issues should be independently reviewed, and we note the NatWest Group Board’s statement confirming this will happen.

‘It is vital,’ Mills continued, ‘that this review is well resourced and that those conducting it have access to all the information and people necessary to investigate what happened, swiftly and fully. On the basis of this review, and any steps taken on relevant complaints by other authorities such as the Financial Ombudsman Service or the Information Commissioner, we will decide whether any further action is necessary.’