The Court of the Bank of England has appointed three independent directors to the Board of the Prudential Regulation Authority (PRA) which, from 1 April, will be responsible for the safety and soundness of banks, insurance companies and major investment firms. They are:
Iain Cornish, formerly Chief Executive of the Yorkshire Building Society.
Rosalind Gilmore, a former Chairman of the Building Societies Commission and of the Lloyd’s of London regulatory board.
Charles Randell, at present a Partner at Slaughter and May.
The Bank intends in due course to appoint an additional Board member with extensive experience of the insurance industry.
The new Directors will take up their duties immediately in order that the PRA can adopt rules and take other necessary decisions before taking over the FSA’s responsibilities.
The Chairman of Court, Sir David Lees said: “I am delighted to welcome to the Bank of England the three founder Independent Directors of the PRA and congratulate them on their appointment. Court has responsibility for administrative matters relating to the PRA and looks forward to working with its Board to ensure the cost effective delivery of its objectives and strategy.”
The Governor of the Bank of England, Sir Mervyn King, said: “I am delighted to welcome Iain, Rosalind and Charles to the new PRA Board. Their combined breadth of experience and skills will play an invaluable part in establishing the Bank of England’s new judgement-based approach to supervision in the UK.”