Natwest clears former chief Alison Rose of misconduct in Farage debanking row

Natwest Group has cleared former chief govt of misconduct over the fallout of the Coutts debanking scandal.

Dame Alison Rose stood down as group chief govt in July after she admitted she was the supply of a BBC story about Nigel Farage’s funds with Natwest-owned Coutts.

Earlier this week the UK’s knowledge watchdog apologised to Rose for suggesting that she personally breached knowledge guidelines in a “debanking” scandal involving Nigel Farage.

The board confirmed this morning that there will likely be no bonus or variable remuneration paid to her in respect of service throughout 2023.

The worth of lapsed unvested share awards and the bonus or variable remuneration for 2023 which Rose will forego totals totals over £7.5m.

She will likely be paid over £1.7m for the rest of the discover interval which can finish on 26 July 2024. These contractual parts comprise her wage, fastened share allowance and a pension allowance of 10 per cent of her wage.

The corporate may even pay her £454,000 plus VAT in direction of her authorized charges and outplacement help.

It was reported in October that Rose was contemplating a problem over the choice by the financial institution to cancel a multi-million pound payoff.

Commenting on the information, Rose mentioned: “I’m happy that NatWest Group has confirmed that no findings of misconduct have been made in opposition to me. I may affirm acceptance of the phrases of the settlement settlement, which is in step with NatWest Group’s Remuneration Coverage, bringing the matter to an in depth.”