Ex-NatWest boss Alison Rose set for £2.4m payout after resigning over Farage row
NatWest has said former boss Dame Alison Rose is set to receive a £2.4 million pay package, a month after she resigned in disgrace from the banking giant.
The company has said it will continue to review her planned pay and bonus payouts in relation to ongoing investigations into her actions surrounding a row over Nigel Farage’s account.
The former Ukip leader said on X, formally Twitter, that the pay deal is “a sick joke”.
Ms Rose had led the company for four years as chief executive officer but stepped down on July 25 following the row over the closure of Mr Farage’s account with Coutts, the private bank run by NatWest.
She resigned after she admitted to being the source of an inaccurate story about Mr Farage’s finances following a discussion with a BBC journalist.
Ms Rose is currently seeing out her 12-month notice period with the banking group.
On Wednesday, the firm said it will pay her £1.155 million in salary for the year, £1.155 million in NatWest shares – which she will receive over a five-year period – and £115,566 in pension payments.
The pay deal totals around £2.43 million.
Ms Rose could also be in line for variable payments, such as performance-related bonuses, which were not included within the announcement. It is understood that these are being reviewed in relation to the investigation.
In a video in response, Mr Farage said: “When I heard the news I thought it was perhaps a sick joke.
“Surely, you cannot breach client confidentiality, you can’t break virtually every important rule in the FCA (Financial Conduct Authority) code-book and can’t then lie about it after you have briefed the BBC, and still receive a £2.43 million payout.
“Yet, that is exactly what has happened to Alison Rose.”
In a statement, the firm said: “Ms Rose’s notice period and the payments she will continue to receive for the notice period will be reviewed on a continuing basis, having regard to the internal and external investigations relating to the account closure arrangements at Coutts and associated events.
“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.”
It added that policies allowing the company to potentially “claw back” bonus payments will apply to the former boss.
A NatWest Group spokeswoman added: “Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay.
“This is in line with her contractual notice period and remains under continual review, as the independent investigation continues.
“As previously confirmed, no decision on her remuneration will be taken until the relevant investigations are complete.”
NatWest also revealed that Paul Thwaite, who is replacing Ms Rose at the helm of the company for the next year, will receive a slightly smaller salary than his predecessor.
Mr Thwaite is due to receive a fixed salary of £1.05 million for the year, and a further £1.05 million in NatWest shares – which he will receive over a five-year period.
Published: by Radio NewsHub