Who is Sir Howard Davies, as the NatWest chairman faces pressure after Nigel Farage banking scandal?

NatWest's chairman, Sir Howard Davies, is facing pressure this week after Coutts, a high finance bank owned by NatWest, closed the account of former Brexit MP Nigel Farage. Farage admitted that the account was closed “in part” due to “insufficient funds” to make use of Coutts tenable, but has claimed that his political ideology was at the forefront of the decision.

The allegation has since led to an apology by the BBC, who initially reported that the closure was due to financial reasons, however a dossier obtained by Farage indicated that the true reason for the closure was due to his views not aligning with the firm's "values", including his position on LGBTQ+ rights and friendship with former US president Donald Trump.

In light of this information, the broadcaster issued a statement reading "because of this evidence, we have since changed the headline and the copy on the original online article about his bank account being shut for falling below the wealth limit to reflect that the claim came from a source and added an update to recognise the story had changed.”

“We acknowledge that the information we reported - that Coutts' decision on Mr Farage's account did not involve considerations about his political views - turned out not to be accurate and have apologised to Mr Farage."

Though Farage has accepted both the BBC’s and NatWest's apology regarding the matter, questions are still being raised how the broadcast received such information in the first place, with Farage making pointed remarks to Davies asking “can I ask whether you have initiated any internal investigation into the leaking of my banking status and current account balances?”

Who is Sir Howard Davies?

Sir Howard Davies, born ​​February 12 1951, is a distinguished British economist, academic, and public figure with a diverse and illustrious career. He attended Merton College, Oxford, where he obtained a first-class degree in Philosophy, Politics, and Economics (PPE), followed by a Ph.D. in Economics from Stanford University in the United States.

From 2003 to 2011, Sir Howard Davies served as the Director of the prestigious London School of Economics and Political Science (LSE), renowned for its social sciences and economics programs. Prior to that, he held the position of Deputy Governor of the Bank of England from 1995 to 1997, where he played a crucial role in overseeing monetary policy and financial stability.

Davies's contributions to the financial sector extended further as he chaired the Financial Services Authority (FSA), the UK's financial regulatory body, from 1997 to 2003. This period saw significant regulatory reforms in response to the global financial crisis.

His academic prowess is evident in his written works, as he authored and co-authored numerous books and articles on economics, finance, and public policy, contributing significantly to academic and public policy debates.

He was knighted in 2002 in recognition of his significant contributions to the financial sector and higher education, particularly for his roles as Chairman of the Financial Services Authority (FSA) and Director of the London School of Economics and Political Science (LSE).

What is Sir Howard Davies net worth?

According to Company Checker, Sir Howard Davies is worth an estimated $5 Million USD in the last financial year, which included residuals made through his previous academic publications. 

The Economic Research Institute has also claimed that Sir Howard Davies receive an annual salary of £763,000 in total compensation as Non-Executive Director and Chairman of the Royal Bank of Scotland, with Natwest a subsidiary of the overall company structure