Ex-NatWest boss who resigned over Farage bank row set to get £2.4m

NatWest has said former boss Dame Alison Rose, who quit last month over her handling of Nigel Farage’s bank account closure, is set to receive a pay package worth more than £2.4m.

Dame Alison resigned last month, abruptly ending her four-year tenure, amid government pressure on her position.

It followed her admission that she had discussed the former UKIP party leader’s bank details with a BBC journalist as Mr Farage complained he was being frozen out of the banking system for his political views.

She suggested his account at the bank’s Coutts division had been closed only for commercial, rather than any political, reasons.

Mr Farage had said a subject access request from the NatWest Group had declared his account was “commercially viable” and he was ditched because his political beliefs did not align with the lender’s own.

Her resignation also followed criticism that she had broken the first rule of banking; client confidentiality.

The bank, which gave no details of her remuneration arrangements at the time, said on Wednesday that Dame Alison was seeing out her 12 month notice period as per her contract.

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It said on Wednesday that the board was yet to decide if it would claw back past bonus awards related to her performance and added that the sums expected in future remained under review.

But it revealed she was due to receive £1.155m in salary for the year, £1.155m in NatWest shares and pension payments of £115,566.

The share awards are due to vest over a five-year period, the group added.

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The chief executive of Coutts, Peter Flavel, was another big name to head for the exit with Dame Alison.

Mr Farage had called for the entire NatWest board to follow them.

He was yet to comment on the group’s remarks related to Dame Alison’s rewards.

The statement said: “Ms Rose’s notice period and the payments she will continue to receive for the notice period will be reviewed on a continuing basis, having regard to the internal and external investigations relating to the account closure arrangements at Coutts and associated events.

“Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.”

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