NatWest: Former Boss Set For £2.4m Pay Package After Farage Scandal

The former boss of NatWest is set to receive a £2.4m pay package this year, despite having quit in disgrace over her handling of the closure of Nigel Farage's bank account.

Dame Alison Rose stepped down from the bank last month after admitting to being the source of an inaccurate news story about Mr Farage's finances.

She is currently working out her 12-month notice period at the group.

Mr Farage called the pay package a "sick joke".

But NatWest said her pay will remain under review as it investigates the scandal.

A spokesman said: "Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay.

"This 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."

The scandal emerged after Mr Farage, a prominent Brexiteer, claimed in early July that his Coutts account had been shut because of his political views.

A BBC report, citing a source familiar with the matter, then disputed this, stating that the account was closed because he no longer met the wealth threshold for Coutts.

Mr Farage subsequently obtained a document outlining his suitability as a Coutts customer. The 40-page document flagged concerns that he was "xenophobic and racist", and also questioned the reputational risk of having Mr Farage as a client.

It said that to have Mr Farage as a customer was not consistent with Coutts' "position as an inclusive organisation" given his "publicly stated views".

On 26 July, Dame Alison quit, hours after admitting she had made a mistake in speaking to the BBC about Mr Farage.

She had come under mounting pressure from Downing Street, the chancellor and other senior cabinet ministers to step down.

The BBC has since apologised for its inaccurate report.

In a message on X, the social media platform formerly known as Twitter, Mr Farage said: "Any employee of NatWest that had done what she'd done would have been out the door, fired and would not even have received their month's money."

In a note to investors on Wednesday, NatWest said it would pay Dame Alison a £1.15m salary for the year and £1.15m in NatWest shares, which she will receive over the course of five years.

She is also in line for £115,566 in pension payments, bringing the total pay deal to around £2.4m.

NatWest said that Dame Alison's pay linked to previous share awards can yet be adjusted. The bank could decide to "claw back" those awards at a later date.

NatWest also confirmed pay arrangements for its interim chief executive, Paul Thwaite. He will receive £1m not including bonuses, shares or pension.