L&G director to join Bank’s PRA board

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PRA board member Nick Prettejohn

Legal and General non-executive director Nick Prettejohn is resigning from the insurer’s board to become a non-executive board member of the Prudential Regulation Authority.

Prettejohn’s appointment to the PRA board has been approved by Chancellor George Osborne. Prettejohn will take up the role on 10 June.

In addition to his role at L&G, Prettejohn has been chairman at Brit Insurance since 2011.

He is a former chief executive of Lloyd’s of London and Prudential UK, and was also chairman of the Financial Services Practitioner Panel between 2007 and 2009.

PRA board members are paid £77,520 a year.

Outgoing Bank of England governor Sir Mervyn King says: “I very much welcome Nick Prettejohn’s appointment and I am sure he will play an invaluable part in establishing the Bank’s new judgement-based approach to supervision in the UK.”

L&G chairman John Stewart says: “Nick has been an extremely valuable member of the board and its committees and I would like to thank him for his wise and insightful contribution. 

“I would like to congratulate him on his new appointment at the PRA and wish him all the best for the future.”