Former NatWest chief executive Dame Alison Rose loses £7.6m payout after Nigel Farage de-banking row
- Dame Alison Rose said that she had accepted the decision of the NatWest board
NatWest has said it will not pay £7.6 million in potential payments to former chief executive Dame Alison Rose after she left the company in July amid the fallout over the debanking row with Nigel Farage.
She will be paid a little over £1.7 million for serving out her notice period, but will forfeit up to £7.6 million that she could have been entitled to had she stayed with the bank.
The ex-chief executive, who stepped down after talking to a BBC journalist about Nigel Farage’s bank account, will not be given ‘good leader status’ by the bank, it said.
It said that the £4.7 million in awards that were due to vest after Dame Alison left in July would lapse, and that Dame Alison would also not be entitled to a bonus or variable remuneration worth up to £2.9 million.
The bank said that ‘no finding of misconduct’ had been made against Dame Alison.
Dame Alison Rose said that she had accepted the decision of the NatWest board, and said she was ‘pleased’ that the bank had cleared her of misconduct.
Former NatWest boss Dame Alison Rose will be paid a little over £1.7 million for serving out her notice period, but will forfeit up to £7.6 million that she could have been entitled to had she stayed with the bank
Rose left the company in July amid the fallout over the debanking row with Nigel Farage
The bank said that ‘no finding of misconduct’ had been made against Dame Alison
READ MORE: Nigel Farage demands debanking row staff are suspended after document reveals how some boasted about ‘driving him out of the country’ and joked about wanting to ‘throw a milkshake’ at him
‘I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me,’ she said.
‘I can also confirm acceptance of the terms of the settlement agreement, which is in line with NatWest Group’s remuneration policy, bringing the matter to a close.’
The announcement comes a little under four months since Dame Alison stepped down as chief executive of the bank, which also owns Coutts.
Her departure came after she said that she had spoken to a BBC journalist about former Ukip leader Nigel Farage’s relationship with Coutts.
Mr Farage revealed in June that Coutts was planning to close his account. He claimed it was due to his political opinions.
But days later an article appeared in the BBC citing sources claiming that the account was closed for commercial reasons.
Weeks later, Dame Alison was forced to admit that she was the source for the BBC article.
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