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Alison Rose, the former CEO of NatWest Group PLC (LSE:NWG), has been appointed by the City law firm Mishcon de Reya to advise on its diversity, equity, and inclusion (DEI) strategy. This new role follows Rose's departure from NatWest, which was marked by controversy surrounding the closure of Nigel Farage’s account.
Farage, the former leader of the UK Independence Party (UKIP), claimed that NatWest’s private banking division, Coutts, decided to terminate his account partly due to his political views conflicting with the bank’s values. Although Coutts cited Farage’s failure to meet the bank’s account thresholds as a reason, it also expressed concerns about his views, which it described as "xenophobic, chauvinistic, and racist." The bank argued that these views posed a reputational risk.
The situation drew significant public and media attention, leading to a broader debate about debanking practices and political bias in financial services. Rose, who had overseen the account closure, stepped down from her role at NatWest in July after admitting to a “serious error of judgment” in how information about the account closure was managed. This admission led to her bonus being forfeited and triggered an investigation by the UK's Information Commissioner’s Office (ICO). The incident further fueled national discussions on the increase in debanking complaints and the implications for financial institutions.
In her new role at Mishcon de Reya, Rose will lend her expertise to shaping and enhancing the firm’s DEI strategies. Her experience and the circumstances of her departure from NatWest bring a unique perspective to her advisory role. Rose's involvement is expected to contribute significantly to the firm’s efforts in fostering a more inclusive and equitable work environment.
Mishcon de Reya’s appointment of Rose underscores a commitment to addressing diversity and inclusion within the legal industry. Her insights and experiences, particularly in navigating high-profile and contentious issues, are anticipated to provide valuable guidance in developing effective DEI policies and practices.
As Mishcon de Reya moves forward with its DEI initiatives, Rose's role will be crucial in shaping a strategy that aligns with contemporary expectations and fosters a positive and inclusive organizational culture. Her appointment marks a strategic step for the firm in addressing key issues of diversity and equity within its operations and broader industry.
