The Court of the Bank of England has announced the appointment of three independent directors to the Board of the Prudential Regulation Authority (PRA) which will be responsible for the safety and soundness of banks, insurance companies and major investment firms from 1 April 2013.
The appointments, which have been approved by the Chancellor of the Exchequer, 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, currently a Partner at Slaughter and May.
The Bank intends to appoint a further Board member with extensive experience of the insurance industry in due course. The new Directors will take up their duties immediately so that the PRA can adopt rules and take other necessary decisions before taking over the FSA’s responsibilities at legal cutover on 1 April 2013.