- Dame Alison Rose’s resignation.
- Debanking controversy and payments.
- Mr. Farage’s reaction.
Dame Alison resigned in late July following her admission. However, the bank stated that “no finding of misconduct” had been levied against her, and she will retain an estimated sum of £3.2 million.
Debanking Controversy
Dame Alison Rose, the former CEO of NatWest, stands to forfeit a potential payment of £7.6 million as the taxpayer-backed lender attempts to resolve the debanking controversy that originated from the closure of Nigel Farage’s Coutts accounts.
Forfeiture of Payments
NatWest informed the London Stock Exchange in a statement that Dame Alison would continue to receive payments totaling approximately £3.2 million until the conclusion of her 12-month notice period.
Resolution and Reaction
Mr. Farage was indignant when the Information Commissioner’s Office was compelled to apologise profusely to Dame Alison this week on the grounds that she had violated privacy laws.
In response to Mr. Farage’s request for subject access, it came to light that NatWest staff had disparaged the former politician and broadcaster, spewing a barrage of derogatory remarks concerning his personal life and financial situation.
“Take a step towards financial freedom – claim your free Webull shares now!”
Last month, the bank apologised to Mr. Farage for its “serious failings” in treating him.
Westminster was rocked by the decision to “debank” Mr Farage, which compelled the City watchdog to conduct an immediate investigation into the practice throughout the British banking industry.
On Friday, NatWest said that Dame Alison will forfeit £4.7 million in unvested share awards at Thursday’s closing share price.
Additionally, she will forfeit variable compensation amounting to £2.9 million for her services in 2023. Thus, she will forego a total of £7.6 million in pay awards.
Former NatWest CEO’s base salary, fixed share award and pension will total £1.75 million till July next year. This is in addition to the approximately £650,000 she has received since her departure.
During Dame Alison’s notice period next spring, a share award worth £800,000 at NatWest’s current stock price will take effect. This is in addition to the £2.4 million.
“No finding of misconduct” had been made against Dame Alison, according to the bank.
Dame Alison said she was pleased NatWest Group has denied misconduct charges against her.
“I can also confirm acceptance of the settlement arrangement, which follows NatWest Group’s pay policy, closing the subject.”
Mr. Farage deemed “appropriate” NatWest’s decision to cancel the majority of her prospective payout.
“No one should be rewarded for failure. It is right for the taxpayers,” he stated in a video that was previously published on X, which was formerly Twitter.
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