Explore the NatWest’s debanking scandal involving Dame Alison Rose and her £2.4 million payout amidst controversy. Understand the details and implications of this high-profile case.
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Dame Alison Rose Set to Receive £2.4 Million from NatWest Despite Resignation Amid “Debanking” Controversy.
Dame Alison Rose is positioned to collect £2.4 million from NatWest, even after her resignation due to her involvement in the Nigel Farage “debanking” scandal. The financial institution has stated its intention to continue paying the former CEO her annual £1.2 million salary, along with granting her an additional £1.2 million in shares spread over five years and £115,566 in pension contributions.
The total compensation package amounts to £2.43 million, although NatWest has stated its prerogative to potentially “claw back” payments based on ongoing investigations into her role within the “debanking” controversy.
Presently, Dame Alison is fulfilling her 12-month notice period following her resignation the previous month. Nigel Farage criticized the arrangement, branding it a “sick joke.” He expressed his disbelief in a Twitter video, stating, “Surely you can’t break client confidentiality, surely you can’t breach virtually every important rule in the FCA codebook, and you can’t then lie about it after you’ve briefed the BBC and still receive a £2.43 million payout, and yet that’s exactly what’s happened to Alison Rose.”
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Dame Alison had to step down after acknowledging that she had erroneously informed a BBC journalist that Nigel Farage’s bank account at Coutts, a NatWest subsidiary, was closed due to his insufficient wealth to meet the bank’s thresholds. However, it was later revealed that the bank held a comprehensive dossier on Mr. Farage‘s political views, outlining the “significant reputational risks of being associated with him.
While the NatWest board initially defended Dame Alison, she eventually resigned under government pressure. The bank, with 38.6% ownership by taxpayers, faced criticism for considering rewarding her during her notice period.
NatWest has indicated that it will continuously review the payout in light of ongoing investigations related to the scandal. Nonetheless, Mr. Farage accused the bank of delaying the investigation.
Dame Alison, who began her career at the bank as a graduate trainee in 1992, served as CEO for four years before her resignation on July 25. In a statement, NatWest remarked, “Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.”
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