Dame Alison Rose is poised to get £2.4m from NatWest, even after her resignation due to her involvement in the Nigel Farage “debanking” incident.
NatWest confirmed that they will still provide the ex-CEO her annual salary of £1.2m, an additional £1.2m in shares spread over five years, and a pension sum of £115,566.
Although the total compensation reaches £2.43m, NatWest has mentioned that they may “reclaim” some of the payments depending on the results of ongoing probes related to her part in the Farage “debanking” situation.
Dame Alison is serving her 12-month notice period, having stepped down the previous month.
Nigel Farage criticized the payout, expressing his disbelief on Twitter. He commented, “I initially thought it was a bad joke. How can one breach client trust, go against almost every vital FCA guideline, mislead about it after informing the BBC, and still be eligible for a £2.43m payment? Yet, that’s the situation with Alison Rose.
The £2.4m payout to Dame Alison Rose is a sick joke. This is the corrupt British establishment looking after its own. pic.twitter.com/EljcDWlA3U
— Nigel Farage (@Nigel_Farage) August 23, 2023
Dame Alison resigned after mistakenly informing a BBC reporter that Mr. Farage’s Coutts account, an affiliate of NatWest, was closed due to his inability to meet its wealth criteria.
However, it was later revealed that the bank maintained a comprehensive 40-page file on Mr. Farage’s political beliefs, emphasizing the “considerable reputational risk” of affiliating with him.
The report highlighted that Mr. Farage’s perspectives contradicted the bank’s image as a diverse institution.
Although the NatWest board initially backed Dame Alison, she ultimately left her position following governmental persuasion.
Being 38.6% owned by taxpayers, NatWest faced scrutiny for planning to compensate its former CEO during her notice period.
In July, Tory MP Alexander Stafford, a member of the Commons committee on national security and investment, questioned in an interview with The Telegraph, “How is it justified to reward someone who has violated banking standards, shaken faith in the banking structure, and discriminated based on legitimate opinions?
NatWest announced that they would persistently assess Dame Alison’s compensation in light of the ongoing inquiries surrounding the controversy.
Yet, Mr. Farage criticized the bank, suggesting they were delaying the investigation purposefully.
Dame Alison began her journey with the bank in 1992 as a graduate intern and served as its chief executive for four years, resigning on July 25.
In a statement, NatWest mentioned, “The review of Ms. Rose’s notice duration and the subsequent payments she will continue to get during this period will be constant, bearing in mind both internal and external probes linked to account termination procedures at Coutts and related incidents.
The results of these inquiries will influence decisions on these compensations as well as any other pay-related considerations.”
