Iain Cornish has announced he is stepping down from the Prudential Regulation Authority’s board with immediate effect, to take up a new position outside the regulator.
He was a founding member of the PRA board, joining in February 2013 as an independent director.
Mr Cornish previously worked at the Yorkshire Building Society, joining in 1992 and holding a number of senior management positions before becoming chief executive in 2003 before retiring in 2011.
He was a member of the Financial Services Authority practitioner panel from 2007 to 2011, becoming its chairman in 2009.
The regulator confirmed that the process of finding a replacement will begin immediately.
Mark Carney, governor of the Bank of England and chairman of the PRA board, said that Mr Cornish has been a “dedicated, insightful and professional” colleague who made an important contribution to promoting forward-looking and judgment-based supervision in the UK.
The PRA board currently consists of four bank members including the governor and its deputy governors for financial stability, prudential regulation, and markets and banking, as well as five independent members.
The current independent members are Sandy Boss, Mark Yallop, Charles Randell and FCA boss Martin Wheatley. It was announced in September that David Belsham, who retired as an executive director of the Prudential’s UK and European subsidiaries, would join the board in May 2015 as a further independent member.
Paul Fisher, the deputy chief executive of the PRA, will also join the board as a bank member when it has five independent directors.
peter.walker@ft.com
