The former CEO of NatWest, Dame Alison Rose, has agreed to forfeit £7.6m in bonuses and share awards after admitting to discussions about the closure of Nigel Farage’s bank account. Despite resigning in July following the incident, Dame Alison will receive her fixed pay package of £2.4m. However, she has not been given “good leaver” status and will therefore not receive the entire amount, which would have exceeded £10m with her yearly salary included.
In response to the settlement, Dame Alison said in a statement that “no findings of misconduct have been made against me” and that the settlement has brought “the matter to a close.” She added that she accepts the bank’s decision. NatWest confirmed that it will pay a maximum of £395,000 plus tax towards the former CEO’s legal fees.
Last month, an independent review found “serious failings” in NatWest’s treatment of Farage after it closed his Coutts account. Farage claimed he was not given a reason for the closure, and later obtained a report indicating that his political views were a factor. While the review found that the closure was lawful and mainly based on commercial reasons, it also cited Coutts’ reputation and other factors, including Farage’s public statements on issues such as the environment, race, gender, and migration.
Farage responded to news of the settlement by stating that the lower payout would be “a good decision for taxpayers,” as NatWest is 39%-owned by the government. He added that Dame Alison will still receive “a seven-figure sum.” Despite quitting in July, Dame Alison was always set to receive her £2.4m pay package for 2023 under the terms of her contract. However, the bank had previously stated that it could claw back her bonuses and share awards
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