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NWG.US
id: 988, Created by , Scout

NatWest Group (NWG) Closing of Nigel Farage’s Account Case

  • In October 2023, NatWest (NWG) admitted serious failings related to closing Nigel Farage’s account, UK Financial Conduct Authority opening a probe into NatWest’s internal controls.
  • On it, $NWG fell 13%, losing $2.9B+ of shareholder value.
  • Investors may have grounds to suspect that NatWest has internal controls setbacks, which led to their losses.
On October 27, 2023, NatWest Group disclosed findings from an independent review regarding the closing of an account of UK politician, Nigel Farage, and a “potential breach of confidentiality relating to his customer information.” Therein, the Company admitted serious failings on its part.

In response, the Financial Conduct Authority (“FCA”) announced a probe into NatWest’s internal controls, including those in the areas of:
  • closure of accounts;
  • handling customer complaints;
  • allocation of responsibilities;
  • effectiveness of governance mechanisms.
On this news, $NWG fell 13% and lost over $2.9 billion of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that NatWest failed to timely disclose company’s internal control setbacks, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 October 2023
Collecting participants…

Natwest Group PLC

NatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and int...

    Ticker
    NWG.US
    ISIN
    US6390572070
    CIK
    844150
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    Gogarburn, Edinburgh, United Kingdom, EH12 1HQ