Coutts boss Peter Flavel resigns after Nigel Farage bank account row

Peter Flavel, the boss of Coutts which shut down Nigel Farage’s bank account will step down immediately, the bank’s owner NatWest Group has said.

It follows the resignation of NatWest’s chief executive Dame Alison Rose in the early hours of Wednesday.

Its interim boss, Paul Thwaite, said the resignation was agreed by mutual consent and is the “right decision for Coutts and the wider group”.

Mr Flavel is expected to be replaced by Mohammad Kamal Syed, who is currently the head of asset management at the bank, on an interim basis until a permanent successor is found.

The high-net-worth bank has been at the centre of a row sparked by former UKIP leader Farage, after he said his account was shut down because it did not agree with his political views.

Mr Flavel said: “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.

“In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service.

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

“I have agreed with Peter Flavel that he will step down as Coutts CEO and CEO of our wealth businesses by mutual consent with immediate effect,” the new NatWest Group chief executive Paul Thwaite said on Thursday.

“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider group.

“I have asked Mohammad Kamal Syed to step into the role of interim CEO of Coutts and our wealth businesses.

“Mo has extensive wealth management experience and is the ideal person to lead Coutts through this difficult time as we begin the search for Peter’s replacement.”