Nigel Farage has issued a stern warning to NatWest’s new CEO, Paul Thwaite, threatening legal action unless the bank resolves an ongoing compensation claim with him.
Farage took to social media, specifically X (formerly Twitter), last night to express his discontent, stating that unless NatWest engages in a “sensible conversation,” he will make a public sale of shares very challenging for the bank.
This ultimatum comes following the appointment of Thwaite as NatWest’s new CEO, concluding the search for a successor after Dame Alison Rose resigned amidst a leaking scandal.
Speaking to The Telegraph, the founder of Reform UK (formerly the Brexit Party) asserted his intention to initiate court proceedings against the bank within days if the compensation claim remains unresolved. He also demanded assurances from NatWest to cease closing the accounts of customers based on differing viewpoints, claiming that there has been no change in the bank’s culture.
Reports from December indicated Farage’s readiness to launch a legal battle with NatWest over the debanking and leaking saga. Despite instructing London-based law firm Grosvenor Law to commence proceedings, no claim currently appears on the High Court’s system.
Last November, Chancellor Jeremy Hunt disclosed the government’s plans to divest its remaining stake in NatWest to retail investors within the next year to bolster participation in public markets. Last month, it was reported that the government is preparing to commence selling its NatWest shares to retail investors as early as mid-year.
Farage contended to The Telegraph that NatWest is unfit for a public share sale until it rectifies its internal affairs. He stressed the potential difficulty of proceeding with a share sale amidst a messy and public legal battle.
In response to Farage’s statements, NatWest chairman Howard Davies refrained from commenting on potential legal proceedings but acknowledged the bank’s commissioning of two independent reviews following last summer’s events. Davies stated that the reviews highlighted shortcomings in handling specific clients and client exits, with recommendations actively pursued, including changes to practices and cultural elements. Davies expressed confidence in Thwaite’s ability to drive necessary changes within the bank.
