Philip Adkins, a United States-based shipping executive, has initiated legal action against NatWest after the bank’s private division, Coutts, reportedly closed his account based on what he and his lawyers describe as inaccurate information. Adkins, who has been a customer of Coutts for approximately 40 years, alleges that the bank relied on erroneous details regarding his financial status when deciding to sever their relationship.

According to his legal team, Coutts assessed Adkins’s wealth at £62 million, suggested he owned an apartment in Hong Kong, and claimed he had lost half of his wealth through a credit arrangement with Goldman Sachs. Adkins and his representatives dispute all these points, stating he has never owned property in Hong Kong nor had any dealings with Goldman Sachs. They further contend that the bank’s estimation of his net worth was substantially incorrect.

The dispute also involves allegations that the inaccurate data held by Coutts triggered an investigation into Adkins’s finances in the United States, resulting in the detention of his daughter. The former chief executive of Red Box Energy Services argues that the bank’s purportedly "false" records caused him significant emotional distress.

Coutts is contesting the lawsuit, describing the claims as speculative in legal documents. The bank has not provided further comment on the matter. NatWest, Coutts’s parent company, also declined to respond publicly to the allegations.

This case bears resemblance to the 2023 controversy surrounding the closure of former UK politician Nigel Farage’s Coutts accounts, which sparked wider scrutiny of practices involving account closures and client relationships at private banks.

The legal proceedings underscore ongoing tensions between high-net-worth clients and financial institutions regarding transparency and the basis on which banks evaluate and maintain customer accounts. The outcome may have implications for banking practices and data accuracy in private banking sectors.