The former NatWest CEO, Alison Rose (54), who was implicated in the scandal surrounding the closure of Nigel Farage's account, has taken an important step forward in her battle to receive outstanding compensation components. The public sector, as the main shareholder, reportedly insists on paying her as little as possible. The Information Commissioner's Office (ICO) had provided ammunition for this purpose.

At the end of October, the ICO had determined that Farage's data protection rights were violated when Rose disclosed details of the case to BBC reporter Simon Jack during a charity dinner. Her behavior was deemed 'unacceptable.' However, it was not necessary to take further action because she had already resigned, and NatWest had initiated its own investigation. This would have provided the possibility to withhold at least part of her compensation.

In theory, it's about approximately 10 million pounds. Her total compensation for 2023, including bonuses, would amount to 5.3 million pounds. So far, the first woman to ever lead one of the four largest British banks has received 2.4 million pounds, which includes her base salary, contributions to her pension, and equity-based fixed bonuses. However, it should be taken into account that she was only in office for half of the year, which could result in reductions in variable compensation components. Additionally, she could be awarded around 2.5 million shares from various long-term performance incentives, currently valued at nearly 5 million pounds. In August, the bank announced through a mandatory disclosure that no decision had been made regarding this matter. It was speculated that the announcement would come with the third-quarter financial results, but it did not happen.

Meanwhile, the ICO has apologized to Rose, which suggests that her lawyers have done a good job. They did not investigate her actions at all but solely focused on the bank after a complaint from Farage. In a statement, they confirmed, "We confirm that we did not investigate the actions of Ms. Rose." They also regret not giving her the opportunity to respond.

Rose has her interests represented by the law firm Mishcon de Reya, which once assisted Princess Diana in her divorce. They have experience in compensation matters. Among their clients were London investment bankers from Dresdner Bank, who were in dispute with Commerzbank over claims from the 2008 financial crisis.

Meanwhile, the law firm Travers Smith, commissioned by Natwest, concluded that Coutts had the contractual right to close the account of the prominent Brexiteer. The division considered it economically unprofitable due to associated losses. If it had been of business interest, it is "very likely" that the decision to close the account would not have been made. However, a number of errors were made.

The case sparked a heated debate about "debanking" politically unpopular individuals and organizations. The financial regulator found no evidence. Farage cited a 40-page dossier from Coutts' "Wealth Reputational Risk Committee," which showed that political reasons played a significant role in his case.