The chief executive officer (CEO) of Coutts, Peter Flavel, has today announced that he is standing down from the role at the private banking and wealth management firm.

The news about comes just a day after the CEO of Natwest Group, the owner of Coutts, Dame Alison Rose, also stood down from her role following a row over the accounts of Nigel Farage.

Rose admitted to being a source of an inaccurate report by the BBC that stated that Farage’s account at Coutts had been closed due to his finances. The broadcasting corporation claimed that they reported the story based off of comments by this source.

However, Farage had obtained a dossier compiled by Coutts that appeared to show his bank account had been closed due to his political views.

NatWest announced on Wednesday that Paul Thwaite, CEO of the company’s commercial and institutional business, will take over Rose’s responsibilities for an initial period of 12 months.

Thwaite said in a statement: “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.

“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.”

In a statement, Flavel said: “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 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.”

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