The head of NatWest refuses to attend a parliamentary hearing

[ad_1]

NatWest chief executive Alison Rose has refused to attend a Treasury Select Committee hearing in the House of Commons next week, telling MPs she is “too busy” ahead of the state-owned bank’s full-year results, according to people briefed on the row. .

Those people said committee chairman Harriet Baldwin called Riz on Tuesday to confirm that lawmakers wanted senior bank executives present. Baldwin is rejected by Rose, who gets a lady in the New Year’s Honors list.

One of the main items on the Treasury Committee’s agenda at its hearing on Tuesday is why leading banks have been slow to pass on the benefits of higher interest rates to savers, one of the people familiar with the plans said. This person added that MPs had been “inundated” with complaints from voters about the issue.

MPs will also ask about affordability issues affecting the mortgage market and changes to UK regulations, including the removal of a cap on bankers’ bonuses.

NatWest has suggested that David Lindbergh, the president of its retail bank, attend the Treasury Committee hearing in place of Rose.

Other chairmen due to attend the session include Charlie Noone, chief executive of Lloyds Banking Group, and Ian Stewart, chief executive of HSBC UK. Matt Hammerstein replaces Barclays boss C.S. Venkatakrishnan, who is undergoing treatment for cancer.

“I am very anxious that all senior executives of the major banks appear before our committee,” Baldwin told the Financial Times. “I am particularly keen that the panel is not exclusively for men, as we want to send a message to the younger women in banking that they can make it to the top.”

A NatWest spokesperson declined to comment on Rose’s behalf.

Andrea Leadsom, a former Conservative minister and member of the Treasury Committee, said it would be “extremely disappointing” that Rose would not attend.

“Almost every major UK bank chief executive will be attending this crucial session on why interest rate hikes have not been fully passed on to savers,” she added.

The government remains NatWest’s largest shareholder, with a 46 per cent stake – a legacy of the Royal Bank of Scotland’s bailout during the financial crisis.

Additional reporting by Jim Pickard

[ad_2]