Ex-NatWest boss Alison Rose set for £2.4m payout after resigning over Farage row

Dame Alison Rose resigned after a row over former UKIP leader Nigel Farage's bank account. Credit: PA

NatWest has said former boss Dame Alison Rose is set to receive a £2.4 million pay package, a month after she resigned in disgrace from the banking giant.

The company has said it will continue to review her planned pay and bonus payouts in relation to ongoing investigations into her actions surrounding a row over Nigel Farage’s account.

Ms Rose had led the company for four years as chief executive officer but stepped down on July 25 following the row over the closure of former Ukip leader Mr Farage’s account with Coutts, the private bank run by NatWest.

She resigned after she admitted to being the source of an inaccurate story about Mr Farage’s finances following a discussion with a BBC journalist.

Mr Farage has since called the pay package a "sick joke".

Ms Rose is currently seeing out her 12-month notice period with the banking group.

On Wednesday, the firm said it will pay her £1.155 million in salary for the year, £1.155 million in NatWest shares – which she will receive over a five-year period – and £115,566 in pension payments.

The pay deal totals around £2.43 million.

In a video on Twitter, now known as X, Mr Farage said the payout is a "sick joke".

He claimed "this is the corrupt British establishment looking after its own".

“Any employee of NatWest that had done what she’d done would have been out the door, fired and would have not even received their month’s money. The whole thing is a sick joke," he said.

Sir Jake Berry, a Tory former minister, branded the pay package a "disgraceful reward for failure".

Dame Alison Rose resigned amid the fallout of Nigel Farage’s Coutts bank account closure Credit: PA

In a statement, the NatWest said: “Ms Rose’s notice period and the payments she will continue to receive for the notice period will be reviewed on a continuing basis, having regard to the internal and external investigations relating to the account closure arrangements at Coutts and associated events.

“Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.”

It added that policies allowing the company to potentially “claw back” bonus payments will apply to the former boss.

NatWest also revealed that Paul Thwaite, who is replacing Ms Rose at the helm of the company for the next year, will receive a slightly smaller salary than his predecessor.

Mr Thwaite is due to receive a fixed salary of £1.05 million for the year, and a further £10.5 million in NatWest shares – which he will receive over a five-year period.

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