NatWest strips £7.6m from payout to ex-boss Alison Rose after Nigel Farage row

NatWest chief executive Dame Alison Rose and Nigel Farage (right). Credit: PA

NatWest has scrapped about £7.6 million in potential payouts to former boss Dame Alison Rose after she left the company in July following the fallout from the debanking row with Nigel Farage.

The banking giant said she has not been considered a “good leaver” following her departure and will therefore not receive most of the discretionary parts of her pay package.

The former boss will nevertheless get £2.4 million for 12 months’ worth of pay and benefits plus around £800,000 for former bonus shares due to vest in March next year.

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

The announcement comes a little under four months after Dame Alison stepped down as chief executive of the bank, which owns Coutts.

Her departure came after she said 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.

An independent probe showed “serious failings” in its treatment of the politician in October.

NatWest’s chairman Sir Howard Davies said at the time: “This report sets out a number of serious failings in the treatment of Mr Farage.

“Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality.

“We apologise once again to Mr Farage for how he has been treated.

“His experience fell short of the standards that any customer should expect.”

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