Former Lloyds chair joins new City watchdog's board

The Bank of England has appointed three independent directors to the board of the new Prudential Regulation Authority, which comes into force at the start of April.

The trio appointed include Iain Cornish, formerly chief executive of the Yorkshire Building Society, Rosalind Gilmore, a former chair of Lloyds of London regulatory board and Charles Randell, a partner at Slaughter and May.

The new directors will take up their roles immediately so 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: ‘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 PRA will be responsible for the ‘safety and soundness of banks, insurance companies and major investment firms.’

The board consists of the governor of the Bank as chairman, the deputy governor for Financial Stability Paul Tucker, the deputy governor for prudential regulation Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA) Martin Wheatley (pictured), as well as the independent directors.