NatWest chief is ‘skirting scrutiny’ for snubbing MPs: Dame Alison Rose defies calls to give evidence on savings rates in Parliament
Natwest boss Dame Alison Rose has been accused of ‘skirting scrutiny’ for refusing to appear before MPs in Parliament next Tuesday.
UK bosses at the four biggest banks have been called to give evidence to the Treasury select committee over issues such as savings rates.
Members of the committee believe lenders are ‘dragging their feet’ on increasing savings rates – while being quicker to pass on hikes in mortgage and other loan costs.
Lloyds chief executive Charlie Nunn has agreed to attend alongside Ian Stuart, head of HSBC’s ring-fenced UK bank.
Barclays is sending UK boss Matt Hammerstein in place of chief executive Venkat, who is being treated for cancer.
Pushing back: Natwest boss Dame Alison Rose, left, won’t attend Parliament despite an appeal by Harriett Baldwin MP
But Rose has said she is too busy despite the bank still being 46pc-owned by the taxpayer.
She blamed diary constraints ahead of the lender’s full-year results on February 17.
This is despite Barclays, HSBC and Lloyds also publishing full-year results this month, with Barclays due to report on February 15.
NatWest will instead send David Lindberg, head of the retail bank, to attend in her place.
It is understood Harriett Baldwin, chair of the Treasury select committee, called Rose to personally ask her to attend.
She said: ‘I am very keen that all the major banks’ top executives appear. I am particularly keen that it should not be an all-male panel, because we want to send out a message to younger women in banking that they can reach the very top.’
But sources believe Rose will appear because of the backlash, with even more of a spotlight on her.
One observer said: ‘Alison is superb but she has been very badly advised on this.’ A second said she was ‘skirting scrutiny’.
NatWest is expected to unveil bumper 2022 profits, buoyed by rising interest rates. It was rescued with a near-£50billion bailout in the financial crisis and taxpayers are still the biggest shareholder.
Committee member Labour MP Dame Angela Eagle said: ‘When banks require the state to be the lender of last resort, for bosses not to come and give evidence to the select committee when they are asked is an insult.
‘I think she should show some respect to Parliament and if she is asked to give evidence she should come.’
Tory MP Dame Andrea Leadsom said she was ‘very surprised’.
She said: ‘Almost every UK bank chief executive will attend this crucial hearing into why interest rate rises do not appear to be fully passed on to savers.
Mortgage rates went up immediately on each increase in the base rate, so why not give pensioners and other savers a fair deal?’
Bosses will be grilled on the state of the mortgage market and the lifting of bankers’ bonus caps.
NatWest said: ‘As the chief executive of our retail bank, serving 16m customers, David Lindberg is directly responsible for these critical consumer issues and is an appropriate representative for NatWest Group.’
