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Sheldon Mills, executive director at the FCA, said he agreed with financial services minister Andrew Griffith who last week expressed confidence in Davies after the bank’s CEO Alison Rose resigned and piled pressure on Davies to follow suit.
“I agree with his view that it’s important to have stability at NatWest and that having a chair remain in place will help support that,” Mills told reporters.
Rose stepped down last week after admitting to a “seriouserror of judgment” in discussing former Brexit party leader Nigel Farage’s relationship with the bank with a BBC journalist. Davies said he intended to stay on at the bank for now – after also facing calls to resign.
“The FCA position is that ultimately it’s a decision for the board and its shareholders. We urge those shareholders and board to achieve stability,” Mills said.
Davies had already said earlier this year he planned to leave in 2024.
