He is replacing senior independent director and chairman of the board risk committee Tom Ross who will retire next month.
The firm says Ferguson has 40 years’ experience in senior management of insurance companies and as a consulting actuary. He was senior partner of Bacon & Woodrow, subsequently B&W Deloitte, from 1994 to 2003.
He was also a non-executive director of Halifax from 1994 until it merged with Bank of Scotland in 2001 and he continued as a non-executive director of HBOS Financial Services until 2007.
Ferguson is currently a non-executive director of Henderson Group plc and of Windsor Life and is chairman of the Phoenix and Pearl with-profits committees.
Group chief executive Mike Yardley says: “We are delighted to welcome Duncan Ferguson to our board.
“Duncan brings a wealth of experience from across the financial services sector, and in particular from his extensive background in the actuarial profession. In addition to his role as a director, Duncan will chair the board risk committee.
“I am sure his breadth of perspective will be of considerable benefit both within the board and to the business generally, as it continues to develop and grow.”
Ross has been a non-executive director of Royal London since 2001, having previously been chairman of Scottish Life, prior to its acquisition by Royal London.
Yardley adds: “We have benefitted greatly from the very valuable contribution Tom has made to the board and to the group generally over many years.”
Ferguson says: “I am very pleased indeed to be joining Royal London at a time of significant changes in the life and pensions market. I believe the company is very well placed to take advantage of the opportunities that these changes will inevitably bring.
“I look forward to playing a full part in the board’s activities and in helping sustain the group’s successful development.”