The Court of the Bank of England has appointed Nick Prettejohn to the board of the Prudential Regulation Authority (PRA). As the newly formed PRA takes on responsibilities for insurers, Prettejohn's experience makes him look likely to provide expertise in this area.
Nick Prettejohn, currently chairman of Brit Insurance Holdings and director of Legal and General, will take up the spot on the board on 10 June. Before taking the role he will resign his directorship at Legal and General.
The chairman of Court, Sir David Lees said:
I am delighted to welcome Nick Prettejohn to the Bank of England and to the PRA, where his wide knowledge of the insurance sector will be greatly valued.
Outgoing Bank of England governor Sir Mervyn King, said:
I very much welcome Nick’s appointment and I am sure he will play an invaluable part in establishing the Bank’s new judgement-based approach to supervision in the United Kingdom.