The body tasked with keeping watch on Britain’s banks, insurers and building societies has turned to the insurance industry for some expertise, reports FTAdviser sister title FastFT.
The Prudential Regulation Authority, which is part of the Bank of England, said that David Belsham, an executive who is retiring from UK insurer Prudential, will join as an independent board member from May.
Mr Belsham replaces Rosalind Gilmore, a former UK Treasury official, who is retiring.
Mark Carney, the Bank of England’s governor, said of Mr Belsham’s appointment: “The Board will greatly benefit from his deep insurance sector expertise and experience.”
The PRA, which was created by the government as it swept away the Financial Services Authority and expanded the supervisory powers of the BoE, has five independent board members. The remaining four, including Mr Carney, are employees of the BoE.
