NatWest will cancel £7.6 million worth of bonuses for its former boss Dame Alison Rose, but she will still be paid £1.7 million after her exit in the wake of the controversy over the closure of Nigel Farage’s bank account.
Rose quit earlier this year after it was revealed that she had been the source for a BBC report, which the broadcaster later acknowledged was inaccurate, about the closure of Nigel Farage’s account with Coutts bank, owned by NatWest. The report claimed that the closure was purely based on financial factors, but Farage later produced a dossier showing that Coutts’ reputational risk management team had collected information about his political positions.
NatWest said that “good leaver status” was not applicable to Rose because of the manner of her exit. As a result, it said she was not eligible for £4.7 million worth of share awards.
Another £2.8 million of bonuses and variable pay for this year has also been cancelled, bringing the total to £7.6 million.
However, Rose will continue to be paid her basic fixed salary for her notice period, which runs for 12 months from her exit, until 26 July 2024. She will be paid £1.7 million over this period.
NnatWest will also pay a settlement towards Rose’s legal fees. This will be up to £395,000 plus VAT for legal fees and £60,000 plus VAT for outplacement support.
The bank - 38% owned by the taxpayer - added that it did not make any finding of misconduct against Rose.
When Sky News reported last night that NatWest was set to cancel most of the payoff but still leave Rose with upwards of a million pounds, Farage posted on X/Twitter: “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 seven figure sum.”
Rose said: “I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me. 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.”
