Bank of England adds to PRA board

Bank of England adds to PRA board

The Bank of England is set to appoint David Thorburn and Norval Bryson as independent members of the board of the Prudential Regulation Authority.

Mr Thorburn has spent 36 years in retail and commercial banking, latterly as chief executive of Clydesdale and Yorkshire Banks. Mr Bryson will be stepping down as deputy chairman of Scottish Widows Group and non-executive director of TSB Banking Group, having served on these boards since 2005 and 2013, respectively.

As a result of these two appointments, Paul Fisher – whose appointment to the board as a bank member was subject to the majority of the board consisting of independent members – will also join the board on 1 September.

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The appointments will be effective from 1 September, following approval from the court of directors of the bank and the chancellor George Osborne.

Mark Carney, governor of the bank and chair of the PRA board, said that each of them brings extensive insight and experience.

“David’s considerable expertise in retail and commercial banking will be of great benefit as will Norval’s exposure to the insurance sector and extensive experience as a non-executive director.”

The PRA board currently consists of four bank members – the governor of the bank, and the bank’s deputy governors for financial stability, prudential regulation, and markets and banking – as well as five independent members, counting the Financial Conduct authority chief executive as an independent.

The current independent members are Sandy Boss, Mark Yallop, David Belsham, Charles Randell and Martin Wheatley. The latter will now be replaced by Tracey McDermott, who will be acting chief executive of the Financial Conduct Authority from 13 September.