Navigating Nigel’s Brand Barrage – Brand Reputation in the Era of Public Scrutiny

A couple of months ago, Coutts, a prestigious and exclusive bank, faced public attention for closing Nigel Farage’s account, raising questions about how brands can weather such high-profile conflicts without compromising their core values.

Coutts, a bank most people may never encounter, closed Farage’s account as they felt his political views were too high risk to be associated with but were not transparent about this reasoning. The bank aimed to adopt an ethical and inclusive stance, but the lack of transparency in communication led to a PR crisis, even resulting in the NatWest CEO’s resignation. The story has appeared in the media again this week – after news broke that the FCA is expected to say it has found no evidence of people being “debanked” for their political views following a review prompted by Government intervention.  In response, Farage told the Financial Times:

This is farcical. There are plenty of examples of prominent Brexiteers being debanked. The FCA are part of the problem.

The Financial Times reported that the FCA is aware the data was compiled quickly and that not all banks have good systems for recording why accounts are closed or refused – while certain Whitehall officials are concerned that the FCA’s findings may not conclusively demonstrate the widespread nature of debanking individuals for their political views.

The FCA is conducting a separate review of how financial services companies treat politically exposed persons, including politicians and civil servants. This review is expected to conclude next year – could there be similar PR storms coming the way of your brand?

What are the lessons for brands:

• Effective Communication: Clear, respectful communication is crucial, even during difficult decisions.
• Brand Purpose: Align actions with brand goals to avoid appearing insincere.
• PR Strategy: Choose PR battles wisely (where possible!) and have a proactive crisis management plan.

So how to ensure you stay one step ahead when it comes to reputation?

Our solutions can help you monitor your brand reputation and respond effectively to public challenges:

• Reputational Tracking: Quick-turnaround brand health measures to understand if audiences have noticed the news and the real extent to which it registers or aligns to their values / genuine concerns.  Understand effectiveness of any remedial action taken to PR battles.
• Drivers of Brand Choice: We explore both implicit and explicit associations with brands, alongside expectations in the category. Understand how publicity vs. other brand activity affects consumer choices.
• Communication Development: Ensure brand communications align with both brand goals and customer experiences.  Test and refine ‘crisis’ communications to ensure they mitigate various scenarios effectively.

If you’d like to learn more about how we can help you, please get in touch with Chris Whitmore.