Coutts dumps Australian CEO Peter Flavel over Farage ‘de-banking’

Australian Peter Flavel has resigned as Coutts chief executive, the latest casualty of a controversy involving a well known British politician.

A major British banking scandal has claimed the scalp of an Australian executive.

The chief executive of Coutts, the bank used by many members of the British royal family, has resigned with immediate effect over the private bank’s mishandling of Nigel Farage’s bank accounts.

Frage is the controversial figure in UK politics and was one of the driving forces behind the successful Brexit referendum.

Peter Flavel became boss of Coutts in 2016, said the treatment of Mr Farage had “fallen below the bank’s high standards of personal service”.

Paul Thwaite, the interim chief executive of NatWest, which owns Coutts, said: “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.

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

London based Aussie business leader Peter Flavel.

The departure of Mr Flavel, originally from Adelaide, comes less than two days after Dame Alison Rose stepped down as NatWest chief executive over the dispute with the former UK Independence Party leader.

Mr Flavel said in a statement: “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 of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

The Princess of Wales poses with Deloitte's Global Lead Executive Insight and Experience including Peter Flavel. Picture: AFP

Dame Alison and Mr Flavel have both been forced to step down over Coutts’ handling of Mr Farage’s account.

The private bank rejected the former Brexit campaigner’s account with little notice amid erroneous reports he was “de-banked” because he fell below Coutts’ wealth threshold.

Alison Rose also stepped down as chief executive officer of NatWest Group Plc. Picture: Getty Images

Yet while Mr Farage’s accounts with Coutts were subsequently revealed to have been closed because Mr Farage’s views “do not align with our values”. It claimed he was seen as “xenophobic and racist”.

Dame Alison admitted to being the source of the story but tried to retain her job before she resigned.

In response to Mr Flavel’s resignation, Mr Farage told The Daily Telegraph UK “My war on woke banks is about to rapidly expand”

Originally published as Coutts dumps Australian CEO Peter Flavel over Farage ‘de-banking’