Former NatWest chief executive Dame Alison Rose breaches data protection laws, ICO ruling finds

Former NatWest chief executive Dame Alison Rose has breached data protection laws twice when she revealed to a journalist about the closure of Nigel Farage’s bank account, Financial Times has reported. 

In a ruling seen by the daily, the UK Information Commissioner’s Office concluded that Rose inappropriately shared Farage’s personal data in an inaccurate way. The timing of the report is particularly sensitive for NatWest’s board as they convene on Thursday, just before the release of their third-quarter results the next day.

The ICO confirmed the details of the report and said in a statement: “We have been clear with the bank that these actions were unacceptable and should not happen again. However, in view of the fact that the individual in question resigned her post and the bank has commissioned its own investigation, we do not intend to take any further regulatory action at this time.”

Rose, once considered as a shining example in the financial services sector, experienced significant setbacks in her professional career. In July, she was forced to step down after admitting to discussing Farage's private banking affairs with a BBC journalist. 

She is currently considering her options in light of NatWest's decision to cancel unvested share awards worth millions of pounds that were due to her under her 12-month notice period. The question of whether she will file a legal challenge if the board moves forward remains unanswered.

Farage told the FT: “The ICO report confirms that Dame Alison Rose was in breach of data rules of the FCA rule book and oversaw a culture of deep political prejudice at NatWest.”

Before her departure, Rose would have been eligible for a maximum compensation package for the 12 months until the end of December, totaling £5.3 million. This package includes £2.4 million in salary and fixed share awards, in addition to potential variable pay of up to £2.9 million.

Furthermore, she also possesses 2.6 million unvested shares, valued at approximately £5.4 million at the bank's present share price.