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Ex-FSA chair Howard Davies set to become RBS chairman

Former FSA chairman Sir Howard Davies is set to be appointed as the next chairman of Royal Bank of Scotland, according to reports.

The Financial Times reports Davies is expected to take up the role over the summer, replacing the outgoing Sir Philip Hampton.

An announcement is expected as early as this week, when RBS reports its full-year results.

Davies was chairman of the FSA between 1997 and 2003, and is currently chairman of Phoenix Group, a role he has held since 2012.

He is also chair of the Airports Commission, charged with submitting a report to the Government on boosting airport capacity.

Davies sits on the board of Morgan Stanley and Prudential, and chairs the risk committee for both firms.

RBS declined to comment.

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Troughs, snouts and the merry-go-round between the regulator and the big banks and accountancy practice.

  2. ?
    Is this the one and the same Howard Davies, who had to resign as director from London School of Economics as he set up funding (1.5 million) from Gaddafi’s son ? with a signed agreement 400 Libyans were to be groomed at LSE to be the country’s elite

    Hold on to you wallets RBS, he is connected alright !

    I wonder if the FCA have done a “fit and proper” test ? Oh silly me of course it doesn’t apply to these kind of people, Flowers, Griffith-Jones, Adamson etc etc etc

    Risk ? pfft these people do more damage with a swipe of a pen than any IFA with a lifetime of miss-selling

  3. Derek Bradley ceo Panacea Adviser 23rd February 2015 at 3:48 pm

    I worry about this. Why is it that some people have to have so many high profile ‘jobs’. Perhaps Sir Howard’s skill sets are being spread a little thin.

    In a play group, the child hoarding all the toy’s would be told to ‘play nicely and let somebody else have a go’, or is this thinking just too simple?

  4. I would have thought that he he a dead ringer for the job. After all, didn’t he take money from Gaddafi when he was at the LSE?

  5. The further up the tree you go the higher your rewards for failure.

  6. This REALLY is beyond belief 🙁

  7. GP Styles (GPS Economics) 23rd February 2015 at 5:39 pm

    The lunatics have taken over the asylum. Does no one remember the Gaddafi funding scandal at LSE or the out of control lending whilst he was Chairman of the FSA. …….

  8. Favours past being rewarded now. This whole regulator merry go round stinks to the high heaven.

  9. Michael.White.BoutiqueCapital - Bridging Loans 24th February 2015 at 11:35 am

    4 Years ago everyone was impressed by the willingness of ‘Sir’ Howard Davies to fall on his pen and resign as director of the London School of Economics over its Gaddafi connection. Good Chap!

    If there was any uncertainty regarding the ‘old school-tie’ process still having enormous power in many City companies and Institutions, think again.

    In this regard, I suppose once the dust settles Former Foreign Secretaries Jack Straw and ‘Sir’ Malcolm Rifkind will be offered similar posts?…. Bless.

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