Rolling coverage of the latest economic and financial newsThe UK’s City regulator, the FCA, has responded to the release of the report into NatWest’s treatment of Nigel Farage.The FCA says the review conducted by law firm Travers Smith, and “additional information we have considered”, has highlighted potential regulatory breaches and a number of areas for improvement.the firms’ processes, systems and controls around how they consider potential closure of accounts and handle complaints from their customers.the allocation of responsibilities and effectiveness of the firms’ governance mechanisms.“This report sets out a number of serious failings in the treatment of Mr Farage. Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality. We apologise once again to Mr Farage for how he has been treated. His experience fell short of the standards that any customer should expect.“Our job now is to make sure that does not happen again. The bank is committed to implementing all the recommendations made by Travers Smith and we are making substantive changes to our policies and procedures, in particular to ensure that the lawfully protected beliefs or opinions of customers do not play any role in our decision making. Continue reading...