Natwest Group has cleared former chief executive of misconduct over the fallout of the Coutts debanking scandal.

Dame Alison Rose stood down as group chief executive in July after she admitted she was the source of a BBC story about Nigel Farage’s finances with Natwest-owned Coutts.

Earlier this week the UK’s data watchdog apologised to Rose for suggesting that she personally breached data rules in a “debanking” scandal involving Nigel Farage.

The board confirmed this morning that there will be no bonus or variable remuneration paid to her in respect of service during 2023.

The value of lapsed unvested share awards and the bonus or variable remuneration for 2023 which Rose will forego totals totals over £7.5m.

She will be paid over £1.7m for the remainder of the notice period which will end on 26 July 2024. These contractual elements comprise her salary, fixed share allowance and a pension allowance of 10 per cent of her salary.

The company will also pay her £454,000 plus VAT towards her legal fees and outplacement support.

It was reported in October that Rose was considering a challenge over the decision by the bank to cancel a multi-million pound payoff.

Commenting on the news, Rose said: “I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me. 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.”