Global site navigation

Local editions

NatWest bank slashes ex-CEO payout over Farage row
Economy

NatWest bank slashes ex-CEO payout over Farage row

by  AFP 2 min read
Former NatWest bank CEO Alison Rose has admitted making a 'serious error of judgment' in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage
Former NatWest bank CEO Alison Rose has admitted making a 'serious error of judgment' in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage. Photo: Daniel LEAL / POOL/AFP/File
Source: AFP

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

British bank NatWest on Friday said it had axed almost £7.6 million ($9.3 million) worth of potential payouts for Alison Rose, its former chief executive who resigned over the lender's treatment of arch-Brexiteer Nigel Farage.

Rose has not been considered a "good leaver" following her departure in July and will therefore not receive most of the discretionary parts of her pay package, NatWest said in a statement.

She will still receive £2.4 million, however, for 12 months' worth of pay and benefits -- plus about £800,000 for shares due to vest in March.

The bank is also paying more than £400,000 towards her legal fees.

NatWest on Friday stressed there had been "no finding of misconduct" against the former boss.

Rose welcomed the finding and said the matter had been brought to a close.

Read also

Ratcliffe closing in on minority stake at Man Utd: reports

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

An independent investigation last month found that NatWest displayed "serious failings" in its treatment of the banking affairs of Farage.

Former leader of the Brexit Party and the anti-immigration party UKIP, Farage had complained about the closure of his account with NatWest's upmarket division Coutts, claiming he was removed for his political views.

NatWest appointed law firm Travers Smith to investigate the "debanking" controversy, which sparked the resignation of Rose.

She was found to have made an "honest mistake" in discussing details of Farage's account with a BBC journalist.

However, it was found that the closure of Farage's account was lawful because it was a commercial decision.

Britain's Financial Conduct Authority said the Farage affair "highlighted potential regulatory breaches and a number of areas for improvement".

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: