LONDON - Jason Costain has stepped down from his position at NatWest (LON:NWG) following an investigation into his undisclosed activities with CEL Solicitors. The probe brought to light a potential £20,000 payment from CEL CEO Paul Hampson, although no conclusive evidence of this transaction was found. The inquiry and subsequent legal proceedings have scrutinized the relationship between Costain and the law firm, particularly his contributions to employee training and fraud prevention content.
The origins of Costain's involvement with CEL trace back to around November 2020 when he was invited by Hampson to pinpoint potential banking failures. During this time, Costain suggested in the "Golden Ticket" WhatsApp group that banks could be liable for substantial refunds akin to those seen with PPI claims.
By January 2023, concerns over Costain's influence at CEL and the firm’s financial health prompted Thomas Blanchfield and Mark Montaldo to resign from their positions at the law firm. They went on to establish MTCC Solutions, which faced and overcame legal challenges from their previous employer before MTCC disbanded.
In court developments during June 2023, High Court Judge Adrian Bever pointed out inconsistencies in testimonies regarding Costain's work with CEL. Despite being offered profit shares from CEL’s fraud department, it was confirmed that Costain had not accepted any payments while he held his role at NatWest, which he maintained until just before the court's judgment.
The legal drama unfolded at Manchester Civil Justice Center, where former finance director Blanchfield initially raised alarms to both NatWest and regulators. Montaldo's legal defense was represented by Knights law firm, highlighting the complex web of Costain’s engagement with CEL without him directly participating in court as either a witness or defendant.
This case has drawn attention to the delicate balance of professional ethics within the financial services industry and has resulted in significant career shifts for those involved.
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