Legitimate companies are being debanked amid surge in complaints, MPs warn [Yahoo! Finance]
NatWest Group plc American Depositary Shares (NWG)
Company Research
Source: Yahoo! Finance
Debanking cases referred to the Financial Ombudsman Service (FOS) rose by 44pc in the year that the former politician was “exited” as a customer by private bank Coutts, according to data published by MPs. The figures show that the FOS received 2,683 complaints in the financial year from 2022 to 2023 before witnessing cases leap to 3,858 in the financial year ending last month. This includes a year-on-year increase of 81pc in complaints from businesses regarding account closures, which rose from 367 to 666. Mr Farage said: “The increased number of complaints are a symptom of a banking industry that increasingly treats its customers with contempt.” The flurry of complaints came in the year that the president of Reform UK had his accounts with Coutts, part of NatWest Group, closed following staff at the bank branding him “xenophobic” in an internal dossier The scandal, first reported by this newspaper in July last year, led to the resignation of NatWest's chief executive, Dame
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NWG
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- NWG's page on the SEC website