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NatWest’s shares have seen a significant decline and the bank has admitted to “serious failings” in its handling of Nigel Farage. However, the closure of Farage’s Coutts account was found to be legal and primarily driven by commercial reasons, according to an independent report. The bank’s shares fell by 18%, the largest drop since the Brexit vote in 2016, following disappointing financial results. NatWest, which is mostly owned by the taxpayer, revised its lending margin forecasts for the year due to customers moving funds from current accounts to savings accounts. Additionally, its ┬ú1.3bn profits for the three months ending in September fell short of expectations. The independent report by law firm Travers Smith, released alongside the financial results, investigated the closure of Farage’s account and found it to be a commercial decision. However, the bank also took into account factors such as the impact of Farage’s public statements. Travers Smith noted that branding Farage as a Politically Exposed Person (PEP) in May 2022 was incorrect. This classification demands additional due diligence from financial institutions due to the higher risk of potential bribery and corruption. Farage criticized the review, accusing Travers Smith of taking a “mealy-mouthed approach” and called some of the findings “laughable.” NatWest Group’s chairman, Sir Howard Davies, apologized for the bank’s treatment of Farage and acknowledged the shortcomings in communication and client confidentiality. The review revealed a potential personal data breach through Dame Alison’s disclosures about Farage. The Financial Conduct Authority is currently investigating NatWest and Coutts for potential regulatory breaches brought to light by the review. In response to the report, NatWest announced measures to ensure that customers’ lawfully protected beliefs or opinions do not influence bank account closures in the future. Sir Howard emphasized the bank’s commitment to preventing a recurrence of similar issues. In this situation, the AI legalese decoder could assist by analyzing the legal aspects of the independent report and providing insights into any potential legal breaches or risks, helping both NatWest and Coutts address regulatory concerns effectively and efficiently.

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