Coutts CEO resigns over Nigel Farage scandal with ‘rapid impact’

Nigel Farage has hailed the resignation of Coutts CEO Peter Flavel, saying it was “only a matter of time” earlier than he was compelled to stop for his function within the ongoing banking row.

A press release simply launched by interim NatWest CEO Paul Thwaite says Peter Flavel to step down as Coutts CEO “by mutual consent with immediate effect”.

In an accompanying assertion, Mr Flavel conceded his dealing with of the Nigel Farage case had seen the financial institution fall beneath anticipated “high standards of personal service”.

“In the dealing with of Mr Farage’s case we’ve fallen beneath the financial institution’s excessive requirements of non-public service.

“As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

Responding to the breaking news, Nigel Farage has said “It was only a matter of time before Peter Flavel, Coutts CEO, stood down”.

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

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

The Express understands Coutts gave the Treasury a short amount of warning prior to the announcement.

NatWest CEO Alison Rose resigned in the early hours of Wednesday morning, after admitting she had revealed Mr Farage’s private banking details to a BBC journalist.

While it was claimed Mr Farage had fallen below the wealth threshold for Coutts, documents revealed that a major reason was his political beliefs in issues like Brexit.

Paul Thwaite says he believe the move is “the right decision for Coutts and the wider Group”.

Mohammad Kamal Syed is to be appointed interim CEO of Coutts in Mr Flavel’s place.

Mr Flavel added: “I am exceptionally proud of my seven years at Coutts and I want to thank the team that have built it into such a high performing business”.

The taxpayer owns 39 percent of NatWest through the Treasury, where ministers have been highly critical of the bank’s actions.

The chaos at NatWest and Coutts has caused the bank’s stock prices to drop by 3.5 percent, wiping more than £600 million off the bank’s stock market value.

This morning the Express revealed that a top business source speculates Dame Alison could walk away with a £5 million payout, despite the circumstances of her resignation.

The resignation of Dame Alison united much of Westminster behind Nigel Farage yesterday, with both the Government and Keir Starmer backing the former Brexit Party leader and saying banks must not close accounts for political differences.

According to the Mail, Jeremy Hunt’s “jaw actually dropped” when he learn the NatWest board’s assertion voicing its continued confidence in Dame Alison, regardless of her confession she was behind the BBC‘s inaccurate spin of Coutts scandal.

“‘He was flabbergasted. He was incredulous,’ says one supply. ‘He merely couldn’t imagine what he was studying.'”

Treasury Minister Andrew Griffith, who has been on the front foot since Nigel Farage revealed the story of his bank account closure by announcing new laws to prevent repeat offences by banks, reported sent a text to select journalists the morning after Dame Alison’s resignation announcement simply reading: “Victory”.

A Government source told the Financial Times that while neither Rishi Sunak nor Jeremy Hunt expressly told NatWest that Dame Alison would have to quit, “It was extra a case of handing the board a loaded revolver and leaving them to it”.

Nigel Farage has referred to as for the wholesale resignation of the NatWest board for his or her misjudgement in backing Dame Alison regardless of her leak confession.