By Iain Withers
LONDON (Reuters) - NatWest (LON:NWG) is planning to cancel about 7.6 million pounds ($9.3 million) in bonuses and awards for its former CEO Alison Rose, it said on Friday, following a law firm review into the "debanking" of former Brexit party leader Nigel Farage.
The British bank published the initial findings from the review conducted by Travers Smith alongside quarterly results on Oct. 27, which outlined "serious failings" in the bank's treatment of Farage when it decided to close his accounts.
The move had led to a political backlash and ultimately cost Rose her job after a more than 30-year career at the lender.
"No bonus or variable remuneration will be paid to Ms Rose in respect of service during 2023," the bank said.
While no finding of misconduct had been made against her by the bank, she did not achieve "good leaver" status under the terms of its share award plan, NatWest said.
In a statement following the bank's announcement, Rose said she was pleased that NatWest has confirmed that no findings of misconduct were found.
"I can also confirm acceptance of the terms of the settlement agreement, which is in line with NatWest Group’s Remuneration Policy, bringing the matter to a close.”
NatWest is trying to draw a line under the row with Farage, after it emerged in July the group's private bank Coutts was cutting him as a customer partly because an internal committee had decided his views did not align with the lender's own.
The incident drew widespread political criticism and prompted the government to accelerate reforms designed to ensure banks did not cut people's services over their lawfully held political views.
Rose quit after admitting to a "serious error of judgment" in discussing Farage's relationship with the bank with a BBC journalist. The bank's outgoing chairman Howard Davies has said the political reaction made her position "untenable".
($1 = 0.8193 pounds)