By Ben Kerrigan-
NatWest boss Dame Alison Rose(pictured) resigned suddenly, after losing the confidence of Government ministers over the leaking of an inaccurate story about Nigel Farage’s finances.
In a statement released in the early hours of this morning before the markets open, NatWest Group chairman Sir Howard Davies said that an agreement had been reached for the chief exec to step back from her role “by mutual consent”.
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Chancellor Jeremy Hunt and No10 said they had “serious concerns” over her conducts.
The incidence occurs amid multiple issues about accuracy and standards in the media.
Confirming her departure, Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment.
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“She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”
In a statement, Rose said: “I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.
“My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”
Number 10 said Dame Alison has “done the right thing” by resigning and the government was responding to wider reports of accounts being closed with no explanation in a Treasury summit with 19 bank chiefs.
Downing Street added that Dame Alison was no longer a member of the prime minister’s business council. She has also left two roles she had with the department for energy after the secretary of state asked her to step down from both positions.
Today Mr Farage told Sky News “the whole board needs to go” at NatWest following the resignation of Dame Alison.
Confirming her departure, Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment.
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“She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”
In a statement, Rose said: “I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.
“My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”
Paul Thwaite, the current chief executive of the company’s Commercial and Institutional business, will take over Rose’s responsibilities for an initial period of 12 months, pending regulatory approval.
The sudden resignation follows a 40-page dossier presented by Farage in which he revealed that his account at Coutts had been closed mainly as a result of his political views, which were said to conflict with the bank’s values.
The evidence obtained from the bank through a data request had contradicted a BBC News story which claimed that the account closure was due to Farage’s failure to meet a £1million borrowing requirement.
‘The BBC and its business editor Simon Jack subsequently apologised, adding the reporting had been based on information from a “trusted and senior source”, but it turned out to be “incomplete and inaccurate”.
Reacting to Rose’s resignation this morning, Farage said that there was no choice but for her to resign.
He suggested that the entire NatWest board should resign from their position and that there was a need for an “overhaul” of the culture at the bank.
Prime Minister Rishi Sunak last week expressed his concern that people’s bank accounts were being shut because of their political opinions.
A meeting was set up for City minister Andrew Griffith to highlight the importance of customers’ “lawful freedom of expression”, with senior exec to be hauled in for talks this morning.
Griffith said on social media after Rose quit: “It is right that the NatWest CEO has resigned.
“This would never have happened if NatWest had not taken it upon itself to withdraw a bank account due to someone’s lawful political views. That was and is always unacceptable.
“I hope the whole financial sector learns from this incident. Its role is to serve customers well and fairly – not to tell them how or what to think.”
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