£2.4m payout for former NatWest CEO involved in Nigel Farage bank account dispute

author: FutureCar Staff    

Former NatWest CEO, Dame Alison Rose, is set to receive a pay package worth £2.4 million after resigning over her involvement in an inaccurate story about Nigel Farage's account. Ms. Rose, who had been leading the company for four years, announced her resignation on July 25th following a dispute over the closure of Farage's account with Coutts, a private bank owned by NatWest. She admitted to being the source of the inaccurate story after speaking with a BBC journalist.

Currently serving her 12-month notice period, Ms. Rose's planned pay and bonus payouts are still under review due to the ongoing investigation into her actions. As part of her pay deal, she will receive £1.155 million in salary for the year, £1.155 million in NatWest shares over a five-year period, and £115,566 in pension payments, totaling around £2.43 million.

In response to the news, Nigel Farage expressed disbelief, stating that breaching client confidentiality, breaking important rules, and lying about it should not warrant a £2.43 million payout. The firm stated that Ms. Rose's notice period and payments will be continuously reviewed in light of the investigations into the account closure at Coutts. The company also mentioned that clawback policies for bonus payments will apply to Ms. Rose.

Paul Thwaite, who will be replacing Ms. Rose as CEO for the next year, will receive a slightly smaller salary of £1.05 million for the year and £10.5 million in NatWest shares over a five-year period.

FutureCar Staff