Amid ongoing uncertainty at NatWest in the wake of the Nigel Farage-Coutts scandal, the UK’s Financial Conduct Authority has called on chair Howard Davies to stay in his post.

Speaking to reporters, FCA executive director Sheldon Mills has provided Davies with the watchdog’s backing. His comments echo those made by financial services minister Andrew Griffith who last week said he was confident in Davies to continue as chairman of the 39 per cent state-owned bank.

Mills said: "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. 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.”

Davies, who had said earlier this year that he planned to leave NatWest in 2024, previously said he had no intention of stepping down over the scandal after also facing calls to resign.

NatWest has faced serious scrutiny in the last month after its wealth management arm Coutts was revealed to have shuttered the account of former UKIP and Brexit party leader Nigel Farage. NatWest chief exec Alison Rose resigned from her role last week after admitting a "serious error of judgement" in discussing Farage's relationship with the bank with a BBC journalist. Coutts boss Peter Flavel also resigned over the affair.

The bank is now set to be overseen by head of commercial and institutional business Paul Thwaite for an initial period of 12 months.

Farage, who now primarily serves as a broadcaster for far-right news outlet GBNews, has said that the interim Coutts chief exec Mohammad Kamal Syed has “ written to me to say I can keep both my personal and my business accounts”.

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