Pay withheld

NatWest cuts ex-CEO’s bonus over Farage row

RBS and Alison Rose
Dame Alison Rose: pay cut

NatWest Group, trading as Royal Bank of Scotland north of the border, has decided to withhold  £7.6 million due to its former chief executive Dame Alison Rose after she resigned over the closure of Nigel Farage’s bank account.

Dame Alison stepped down from the taxpayer-backed bank in July after disclosing personal details about the former UKIP leader’s account to a BBC reporter.

The bank today said her salary, fixed share allowance and a pension allowance of 10% of salary and contractually agreed benefits totalling £1,748,142 will be paid for the remainder of her notice period up to next July.

While no finding of misconduct had been made against her by the bank, she did not achieve “good leaver” status under the terms of its share award plan, therefore unvested share awards will lapse.

In addition, no bonus or variable remuneration will be paid to Ms Rose in respect of service during 2023.

The value of lapsed unvested share awards and the bonus or variable remuneration for 2023 that Ms Rose will forego totals £7,579,604.

The bank has agreed to pay her up  £395,000 plus VAT for legal fees and £60,000 plus VAT for outplacement support.

Dame Alison said she was pleased that NatWest has confirmed that no findings of misconduct were found.

The Information Commissioner’s Office this week apologised to Dame Alison for wrongly suggesting in a report that she had broken data protection laws during the scandal. The regulator said comments it had made in October had given the incorrect impression that it had investigated her role in the debacle.

Its inquiry had focused instead on the actions taken by NatWest as a data controller, said the watchdog, which enforces the UK General Data Protection Regulation rulebook.

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