Former NatWest boss Dame Alison Rose is to lose £7.6m of her potential payoff as the taxpayer-backed lender seeks to draw a line under the debanking row sparked by the closure of Nigel Farage’s Coutts accounts.
Confirming Sky News’ revelations on Friday morning, NatWest said in a statement to the London Stock Exchange that Dame Alison would receive more than £1.7m between now and the end of her 12-month notice period.
Dame Alison stepped down in late July after admitting that she had discussed the former UKIP leader’s banking arrangements with a BBC journalist.
This week, the Information Commissioner’s Office was forced to make a grovelling apology to Dame Alison after it claimed she had broken privacy laws – which prompted a furious response from Mr Farage.
It emerged following a subject access request by Mr Farage that NatWest employees had belittled the broadcaster and former politician, making a stream of pejorative comments about his views and finances.
Last month, the bank apologised to Mr Farage, acknowledging that it had been guilty of “serious failings” in the way it had treated him.
The decision to “debank” Mr Farage sparked a firestorm in Westminster and forced the City watchdog into an urgent review of the practice across Britain’s banking sector.
UK economy flatlines but avoids recession this year
London City Airport hunts new chief as Sinclair swaps planes for trains
Fuel prices: Regulator expresses ‘concern about the intensity of competition’
In its statement on Friday, NatWest said Dame Alison would forfeit unvested share awards worth £4.7m at Thursday’s closing share price.
She would also relinquish variable pay for her work in 2023 which could have been worth up to £2.9m, meaning the overall pay award she will forego amounts to £7.6m.
NatWest said its former boss would receive £1.75m in base salary, fixed share award and pension entitlements between now and next July, adding to more than £800,000 she has received since her exit.
