Nigel Farage blasts 'sick joke' £2.4million payout to ex-NatWest boss

Nigel Farage blasts ‘sick joke’ £2.4million payout to ex-NatWest boss Alison Rose after she was forced to quit in disgrace over leak to BBC about his Coutts bank account

NatWest sparked fury today after revealing former boss Dame Alison Rose is set to receive a £2.4 million pay package, a month after resigning in disgrace in a row over Nigel Farage’s bank account.

The former chief executive led the company for four years but stepped down on July 25 following the disclosure of information about Mr Farage’s account with Coutts, the elite private bank NatWest owns. 

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. 

Mr Farage, the former Ukip and Brexit Party politician who is now a television presenter, branded the payout a ‘sick joke’ in a Twitter video.

He said: ‘Surely, you cannot breach client confidentiality, you can’t break virtually every important rule in the FCA (Financial Conduct Authority) codebook and you can’t then lie about it after you brief the BBC and still receive a £2.43million payout?

The former chief executive led the company for four years but stepped down on July 25 following the row over the closure of Mr Farage’s account with Coutts, the elite private bank Natwest owns.

Ms Rose resigned after she admitted to being the source of an inaccurate story about Nigel Farage´s finances 

‘And yet that’s exactly what’s happened to Alison Rose. The so-called inquiry into what she did has been kicked into the long grass and Sir Howard Davies, chairman of the NatWest Group, seems happy about that.

‘This is the corrupt British establishment looking after its own. It’s the corrupt British establishment at its very, very worst.

‘Any employee of NatWest that had done what she’d done would have been out the door, fired and would have not even received their month’s money. The whole thing is a sick joke.’

The company has said it will continue to review her planned pay and bonus payouts. Ms Rose is currently seeing out her 12-month notice period with the banking group.

The company has said it will continue to review her planned pay and bonus payouts. 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 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.

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