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Bank of England names two financiers to serve on regulation board

EconomyJul 27, 2015 14:56
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© Reuters. The Bank of England is seen through columns in the City of London

LONDON (Reuters) - The Bank of England named two men who have had long careers in the financial sector, David Thorburn and Norval Bryson, to serve as external members of its Prudential (LONDON:PRU) Regulation Authority, which handles day-to-day regulation of banks.

Bryson will step down as deputy chairman of life insurer Scottish Widows, part of Lloyds Banking Group (L:LLOY), and will also relinquish a role as a non-executive director of TSB (L:TSB), which has been bought by Spain's Sabadell (MC:SABE).

Thorburn was formerly chief executive of Clydesdale Bank, which is owned by National Australia Bank (AX:NAB).

"David's considerable expertise in retail and commercial banking will be of great benefit as will Norval's exposure to the insurance sector," BoE Governor Mark Carney said.

The appointments by the BoE's board, with approval from finance minister George Osborne, will take effect on Sept. 1. They also allow BoE official Paul Fisher to take up his seat on the board which had been delayed due to a lack of external members.

Bank of England names two financiers to serve on regulation board
 

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