Question to the HM Treasury:

To ask His Majesty's Government what steps they will take as a shareholder to ensure that NatWest Bank does not close accounts solely on the basis of their customers’ political views.

This question was answered on 25th July 2023
The Government’s shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. In its capacity as a shareholder, the Government does not intervene in the operational decisions of NatWest. NatWest retains its own board for strategic and operational decisions.

The Government notes that NatWest has published a statement on this matter, clarifying that it is not its policy to exit a customer on the basis of legally held political and personal views. ^[1]

More broadly, the Government has published a policy statement setting out its plans to enhance requirements applying to the termination of payment accounts.^[2]

[1]. https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/statement-on-review-of-bank-accounts-closure-process.html#:~:text=Customers%20have%20a%20right%20to,this%2C%20wider%20change%20is%20required.

[2]. https://www.gov.uk/government/publications/payment-account-contract-termination-and-freedom-of-expression