Former NatWest boss misses out on £7.6m in bonuses as Nigel Farage sues bank and former CEO

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.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.