The most common and most likely answer to this crossword clue is the 8 letter word POOH-BAH
I've seen this crossword clue in Financial Times
P
O
O
H
-
B
A
H
More clues leading to the result POOH-BAH
Buddy explains!

The straight part
We know that "Character at Savoy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case character at savoy = pooh-bah.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does POOH-BAH mean?
POOH-BAH noun- A person who holds multiple offices or positions of power at the same time.
- A leader or other important person.
- A pompous, self-important person.