FCA statement on NatWest Group and Coutts following the independent review of customer account closures
After NatWest Group commissioned Travers Smith to review Coutts' closure of a customer's accounts and a wider sample of Coutts exits, the FCA said on 27 October 2023 that the report and other information highlighted potential regulatory breaches in the firms' processes, systems and controls around account closure and in the allocation of responsibilities and governance. The FCA said it would use statutory information gathering powers, interview staff and review policies. No enforcement outcome, fine or public closure of this supervisory work was found on the FCA site as of 1 November 2026.
This report, and additional information we have considered, has highlighted potential regulatory breaches
NatWest Group RNS of 15 December 2023: the Group 'has accepted - and will implement - all the recommendations contained in Phases 1 and 2 of the review', including a commercial exits framework, review of exit letters, a PEP declassification programme and mandatory training.