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Coutts chief executive Peter Flavel is stepping down” with immediate effect”, following the scandal around the decision to close Nigel Farage’s account. His decision comes just a day after Alison Rose resigned as chief executive of Coutts’ owner NatWest.

Farage has previously called for Flavel’s removal from the private bank, where the former Ukip leader was a customer until it closed his account. Rose came under pressure to resign after she admitted that she had inaccurately briefed a BBC journalist about the reason for the account closure, breaching customer confidentiality rules.

Flavel said the bank’s handling of Farage’s case had “fallen below the bank’s high standards of personal service” and that he bore “ultimate responsibility”.

This is a developing story.