Ex-Natwest CEO loses £7.6m over debanking scandal, Farage to file lawsuit

11/11/2023 | BBC News

Former NatWest CEO Alison Rose is set to lose out on £7.6mn in pay and bonuses following a review into her role in the scandal surrounding the closure of Nigel Farage's bank accounts. The review concluded that Rose did not meet the requirements for "good leaver" status, which would have entitled her to the full amount. However, there was no finding of misconduct against Rose. As per the terms of her contract, Rose will receive her 2023 salary, pension, and fixed-pay share allowance totalling £1.75mn for the remainder of her notice period until July next year. She will receive a total of £2.4mn for 2023 and will also receive £395,000 for legal fees and £60,000 for outplacement support. Although she will lose out on potential pay of £7.6mn, she will still receive around £800,000 of stock that can be cashed in before her notice period ends in July.

Not unsurprisingly, the scandal is not likely to end here. According to Sky News, Nigel Farage is set to launch legal proceedings against NatWest Group and its former CEO, Dame Alison Rose, as early as next week. He has instructed London-based Grosvenor Law to act on his behalf in a claim in which he is expected to seek millions of pounds in damages for damage to his reputation and to cover his legal costs. In a statement, Farage said: "For all their lies and deceptions towards me, and their illegitimate debanking of tens of thousands of innocent people, NatWest and its former CEO, Dame Alison Rose, need to be held to account."

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