Regulator questions Bostock's Santander dual role

REGULATORS have raised concerns about Nathan Bostock’s shock move to Santander, with his impending new role called into question.

The Prudential Regulation Authority (PRA), the body set up to regulate banks, building societies, insurers and investment firms, is unsure about Bostock’s impending dual role as deputy chief executive officer and chief risk officer, reports Sky News.

The role would involve heading up risk while making executive decisions about Santander’s balance sheet, and this has worried the PRA.

Although it is expected that Bostock will still join the bank, it is unclear how a split between the two roles will be made, with some reports suggesting he would head up the deputy chief role and a new risk officer found.

Santander declined to comment.

Bostock is one of the UK’s most senior banking executives, having held a number of key finance roles. He served as CFO of Santander predecessor Abbey National before joining RBS in 2009. After serving in a number of roles at RBS, including group risk director and most recently a short stint as CFO, he is set to join Santander.