NatWest bank slashes ex-CEO payout over Farage row

Former NatWest bank CEO Alison Rose has admitted making a ‘serious error of judgment’ in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage – Copyright AFP/File SAUL LOEB

British bank NatWest on Friday said it had axed almost £7.6 million ($9.3 million) worth of potential payouts for Alison Rose, its former chief executive who resigned over the lender’s treatment of arch-Brexiteer Nigel Farage.

Rose has not been considered a “good leaver” following her departure in July and will therefore not receive most of the discretionary parts of her pay package, NatWest said in a statement.

She will still receive £2.4 million, however, for 12 months’ worth of pay and benefits — plus about £800,000 for shares due to vest in March.

The bank is also paying more than £400,000 towards her legal fees.

NatWest on Friday stressed there had been “no finding of misconduct” against the former boss.

Rose welcomed the finding and said the matter had been brought to a close.

An independent investigation last month found that NatWest displayed “serious failings” in its treatment of the banking affairs of Farage.

Former leader of the Brexit Party and the anti-immigration party UKIP, Farage had complained about the closure of his account with NatWest’s upmarket division Coutts, claiming he was removed for his political views.

NatWest appointed law firm Travers Smith to investigate the “debanking” controversy, which sparked the resignation of Rose.

She was found to have made an “honest mistake” in discussing details of Farage’s account with a BBC journalist.

However, it was found that the closure of Farage’s account was lawful because it was a commercial decision.

Britain’s Financial Conduct Authority said the Farage affair “highlighted potential regulatory breaches and a number of areas for improvement”.