Former NatWest chief exec Alison Rose will miss out on £7.6 million in bonuses and awards following a review into the ‘debanking’ of far right ideologue Nigel Farage, with the public figure set to sue the bank and its former boss.
Farage, who spearheaded the Brexit campaign, saw his account at NatWest’s wealth management business Coutts closed after the bank decided that “his publicly-stated views were at odds with our position as an inclusive organisation". The decision led to significant public scrutiny, with Rose subsequently stepping down from her role after admitting that she had spoken with a BBC reporter about the bank’s relationship with the former UKIP leader.
While the Information Commissioner's Office (ICO) last week apologised for “suggesting that we had made a finding that she breached the UK GDPR”, a review conducted by Travers Smith published by NatWest has outlined “serious failings” in its handling of the affair.
Publishing the review alongside its quarterly report, the bank said: "No bonus or variable remuneration will be paid to Ms Rose in respect of service during 2023.”
It concluded that while there had been no finding of misconduct, Rose did not meet the threshold of “good leaver” status under the terms of its share award plan.
Rose said that she was pleased that no findings of misconduct were found, adding “I can also confirm acceptance of the terms of the settlement agreement, which is in line with NatWest Group’s Remuneration Policy, bringing the matter to a close.”
While Rose and NatWest are keen to put the episode behind them, Sky News has reported that Farage will this week begin a formal legal fight with the bank and its former boss. It is believed that Farage will seek millions in damages.
The report noted that Farage has instructed Grosvenor Law to act for him in a claim against both NatWest and Rose, with initial legal letters expected to be issued this week.
In a statement to the outlet, Farage said: “For all their lies and deceptions towards me, and their illegitimate debanking of tens of thousands of innocent people, NatWest and its former CEO, Dame Alison Rose, need to be held to account.”
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