Very few people came out well of the Nigel Farage banking scandal – which saw the former Brexit party leader lose his Coutts bank account over his political views. In the end, Farage managed to claim two scalps over the affair, with both NatWest’s and Coutts’ CEOs forced into humiliating resignations.
Still it may be that all is not lost for the NatWest chief – with reports today that she may be in line for a huge payoff.
Despite resigning over what Dame Alison Rose herself admitted to being a ‘serious error in judgement’ – including sharing the personal banking details of the former MEP with a journalist – the bank has announced today that it plans to pay her for the duration of her notice period. The total could amount to £2.4 million, which includes just over £1 million for a year’s salary. In addition to that, she is set to receive another £1 million in shares over five years, and over £100,00 in pension contributions.
Never one to mince his words, Nigel Farage has already said that the payoff is a ‘sick joke’.
But, the payoff is still not guaranteed. NatWest has also said that Rose’s compensation ‘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.’ The lender is also emphasising the company’s ‘claw back’ policy, under which it can revoke previously awarded bonuses under extraordinary circumstances.
Rose certainly resigned due to extraordinary circumstances. Moreover, any payout that’s rewarded will be under the lens of a political microscope – not simply because of the free speech issues from the scandal, but also because of the government’s ongoing stake in NatWest: it still owns roughly 40 per cent of the bank.
Perhaps if the bank had been run better in past years, taxpayers would have already been compensated for the bank’s bailout during the financial crash. As it happens, they remain out of pocket, while Rose is on track for a multi-million pound handout.
Talk about rewarding failure…
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