NatWest won't pay £7.6m to ex-chief executive Dame Alison Rose after Farage row

10 November 2023 , 09:47

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NatWest won't pay £7.6m to ex-chief executive Dame Alison Rose after Farage row

Natwest will not pay out over £7million in potential payments to Dame Alison Rose after she left the company in July amid the fallout over the debanking row with Nigel Farage.

The former chief executive resigned in July amid intense political pressure after talking to a BBC journalist about the ex-Ukip leader's bank account with the company.

She is still expected to be paid a little over £1.7million for serving out her notice period. But she will forfeit up to £7.6 million that she could have been entitled to had she stayed with the bank.

NatWest stressed that there was "no finding of misconduct" against the former boss.

Dame Alison said on Friday she had accepted the decision of the NatWest board, and that she was "pleased" the bank had cleared her of misconduct. “I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me,” she said.

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“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.” She has previously admitted a "serious error of judgement" when she discussed Mr Farage's relationship with private bank Coutts, owned by NatWest Group, with a BBC journalist.

At the time of her leaving the bank, a No 10 source said the Rishi Sunak "was concerned about the unfolding situation" and said she "has done the right thing in resigning". They added: "Everyone would expect people in public life - whether that's in a business leadership role or otherwise - to act responsibly and with integrity."

Posting on social media on Thursday evening amid speculation the former banking boss would forfeit a huge proportion of the money, Mr Farage said: "It looks like we are now beginning to see some common sense at last. This would be a good decision for taxpayers. "But don’t feel sorry for Dame Alison Rose — she is still expected to receive a 7 figure sum."

Ashley Cowburn