Prudential Regulation Authority appoints independent directors

THE BANK of England yesterday appointed three non-executive directors to the board of the new City watchdog with immediate effect.

The Prudential Regulation Authority (PRA) will be tasked with overseeing the financial stability of banks and insurers when the Financial Services Authority is split in two at the start of next month.

Yesterday’s appointments include Iain Cornish, the former chief executive of the Yorkshire Building Society; Rosalind Gilmore, a former chairman of the Building Societies Commission; and Charles Randell, currently a partner at law firm Slaughter and May.

Another board member with experience of the insurance industry is expected to be appointed shortly, allaying fears that the industry could be overlooked in favour of banks when the new organisation comes into being.

Outgoing Bank of England governor Sir Mervyn King said: “I am delighted to welcome Iain, Rosalind and Charles to the new board. Their combined breadth of experience and skills will play an invaluable part in establishing the Bank of England’s new judgement-based approach to supervision in the UK.”

All the appointments required the approval of chancellor George Osborne.

The PRA’s other board members consist of the governor of the Bank of England, deputy governors Paul Tucker and Andrew Bailey, and Financial Conduct Authority chief executive Martin Wheatley.