Until recently, Philip Cato, a member of the Windrush generation who moved to the UK in 1961, and Nigel Farage had nothing in common. However, both individuals have now been debanked by NatWest. The closure of Farage’s account with Coutts, NatWest’s exclusive private bank, caused a controversy and led to the chancellor requesting an investigation into the frequency of debanking. However, Cato, a retired carpenter aged 92, faced more difficulties than Farage when the loss of his account of 50 years cut him off from his state pension, leaving him and his wife struggling financially. After working as a carpenter in the UK for 30 years, Cato returned to Jamaica in the 1990s to care for his mother and relies on his state pension and a small annuity for income. Cato and his wife have been facing financial strain as a result of the account closure. The situation worsened when they failed to transfer Cato’s pension payments to a new account due to difficulties in contacting the International Pension Centre. Their daughter also faced challenges in contacting the pension service and made a formal complaint. Cato’s daughter expressed her frustration and emphasized the impact of the closure on her parents’ medical fund. The Catos sought assistance from a friend and lawyer, who lodged a complaint with NatWest. The spokesperson for NatWest explained that the bank had decided to stop offering services to certain personal customers residing outside the UK and assured that customers would be informed of any changes. The latest data from the FCA revealed that banks were closing nearly 1,000 accounts daily, with over 343,000 shut in 2021-22. The FCA states that whether or not banks extend services to customers outside the UK is a commercial decision and expects banks to treat their customers fairly and provide adequate notice if they decide to close accounts. A consumer rights expert suggested that closures could be due to tightening money laundering regulations and concerns about profitability. Following contact from The Guardian, the DWP ensured that the missing payments were credited to the Cato family’s account within 24 hours, and apologized to the family for the inconvenience caused.
92-year-old’s Banking Relationship with NatWest Terminated after Relocation to Jamaica Causes Overnight Anxiety
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