Former NatWest Chief Executive Loses Major Portion of Severance Pay After Controversy Involving Nigel Farage’s Banking Details
NatWest has made a significant move by withholding £7.6 million from Dame Alison Rose’s potential £10 million severance package. This decision came after her involvement in a contentious issue regarding the banking details of Nigel Farage, the former UKIP leader. Dame Alison, who stepped down from her role in July, admitted discussing Farage’s banking arrangements with a BBC journalist, leading to a significant public outcry.
While NatWest emphasised that there was no misconduct on Dame Alison’s part, the bank’s actions speak to the gravity of the situation. In total, she will still receive approximately £3.2 million, comprising her salary, fixed share allowance, and pension for the remainder of her notice period. This figure includes £4.7 million in unvested share awards and potential payments for her work in 2023, which she will forfeit.
The affair, investigated by city law firm Travers Smith, concluded that Dame Alison did not intentionally disclose inappropriate information. However, the incident led to a major reassessment of banking practices in Britain, with the City watchdog launching an urgent review.
The debanking of Farage, who claimed his Coutts account closure was politically motivated, ignited a political storm. Internal documents obtained by Farage revealed disparaging remarks from bank staff about him, further fueling the controversy. Dame Alison’s role in the affair, though cleared of legal wrongdoing, has significantly impacted her career prospects, potentially ending her tenure in UK financial services. Story Source