Alison Rose made ‘honest mistake’: Natwest-backed review into Farage scandal

An internal review into the conduct of former Natwest boss Dame Alison Rose has concluded the CEO made an “honest mistake” when she leaked confidential information about Nigel Farage’s finances to the BBC.

Rose left Natwest after it emerged that she had unwittingly offered confidential information about Nigel Farage’s financial state to a journalist.

A document provided to Farage as a result of a data access request however revealed that the bank had had internal discussions about the reputational risk of keeping Farage as a client.

“Whilst Travers Smith made certain observations about the risks that she should have appreciated in making the disclosures she did to the BBC, Travers Smith’s opinion is that, in doing so, she did not consciously set out inappropriately to disclose the relevant information,” the review concludes.

The bank-commissioned review also suggests that the driving factor behind the debanking of Farage was not his politics but that the relationship had become ‘loss making.’

Despite a report which is less damning than many expected, Natwest chair Sir Howard Davies acknowledged “serious failings” in the bank’s internal processes.

The FCA said this morning it was looking into potential regulatory breaches.

“Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality.”

Alison Rose said today: “I note the Travers Smith report this morning. This confirms everything I told the Board in July was correct. Both Travers Smith and the Information Commissioner’s Office have concluded that I inadvertently confirmed what had already been widely reported, that Mr Farage held an account at Coutts. The ICO also concluded the ‘impact around this specific disclosure was minimal’.

“Travers Smith is clear that ‘there was no leak of specific detailed financial information’. Travers Smith also confirmed I knew nothing about the comments made by Coutts staff about Mr Farage, which were deeply unpleasant and unfair.”

Natwest refused this morning to announce whether Rose would walk away with a payout.

She was owed £2.4m in notice pay and is also eligible to be considered for a bonus of up to £2.9m, as well as a host of other incentives.

“The Board is considering these findings and deciding on appropriate outcomes. As we would with any other employee, we have a duty of confidentiality to Dame Alison Rose. However, given her role as the former CEO of NatWest Group, there is a disclosure obligation in relation to her remuneration. The bank will disclose the relevant outcomes, as soon as possible,” the bank said in a statement this morning.

Rose had reportedly considered taking legal action if the bank cut her fees.

The information watchdog ruled on Wednesday that she had breached data rules over the incident.

The Brexiteer and former UKIP leader has alleged that the private bank, which is part of NatWest, closed his account for political reasons – a claim that Coutts has denied.