NatWest chief executive Alison Rose has stepped down after admitting she gave inaccurate information to the BBC about the closure of Nigel Farage’s Coutts account.

Coutts is a UK private bank and wealth manager owned by the NatWest Group.

Last week, a story emerged on the BBC in which a source said Coutts' decision on Nigel Farage's account did not involve considerations about his political views. This has since turned out to be inaccurate, with the BBC updating its original story to set the record straight.

The anonymous source, now identified as Rose, told the broadcaster that the prominent Brexiteer was refused an account with Coutts because he “fell below the financial threshold” required to hold an account at Coutts.

Farage subsequently submitted a subject access request to Coutts bank and obtained a report from the bank's reputational risk committee. The document reportedly mentioned commercial considerations, but also said the committee did not think that continuing to have Mr Farage as a client was "compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation".

Farage later told the BBC Radio Four’s programme the World at One that Coutts provided him with "no reason whatsoever" when they wrote to inform him that his accounts would be closed and that he had two months to find a new bank.

NatWest's board has confirmed that for an initial period of 12 months, and subject to regulatory approval, Paul Thwaite, current chief executive of the bank's Commercial and Institutional business, will take over the responsibilities of leading NatWest Group.

It added that a further process will take place in due course to appoint a permanent successor.

"The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group," said NatWest board chairman Howard Davies. “She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her."

Speaking on Radio Five Live this morning, Labour leader Kier Starmer said Rose has to resign because NatWest "got this one wrong".

Commenting on her departure, Alison Rose said: "I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth."

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