Labour peer and former Treasury select committee chairman Lord McFall is joining the board of new digital bank Atom.
The Guardian reports McFall is joining as a senior non-executive director as the bank seeks to gain authorisation from the FCA and the Prudential Regulation Authority.
It was announced in April that Metro Bank founder Anthony Thomson had partnered with First Direct chief executive Mark Mullen to launch a digital-only bank.
McFall, who is a former member of the Parliamentary Commission on Banking Standards, previously sat on the board of NBNK. NBNK lost out to the Co-operative Group in the bid to buy the Project Verde branches from Lloyds Banking Group. The Co-op later had to pull out after a £1.5bn black hole was discovered in its finances.
Former Bank of England official and EY partner Patricia Jackson and Australia and New Zealand bank former finance director Jon Hogan are also joining the board.