Nick Prettejohn, external member of the Prudential Regulation Authority (PRA) board, has stepped down with immediate effect in order to pursue a future outside regulation.
He joined the PRA Board in June 2013 and was previously chairman of Brit Insurance from 2011 to 2013.
He is a former chief executive of Lloyd’s and was a member of the Lloyd’s Council from 1999 to 2005. He was chief executive of Prudential UK and Europe and a member of the Prudential board from 2006 to 2009, before becoming a director of Legal and General from 2010 to 2013.
A process for finding a replacement on the board will begin immediately.
Mark Carney, governor of the Bank of England and chairman of the PRA board, said: “I want to thank Nick for all of his insights and advice since he joined the PRA Board. We have benefited tremendously from his wealth of knowledge and experience. I want to wish him the very best for the future.”