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PRA appoints UBS chief to board

The Prudential Regulation Authority has announced a raft of changes to its board, which sees UBS chief executive Mark Yallop join the regulator as Bank of England director Spencer Dale steps down to join BP.

Currently executive director for financial stability strategy and risk, Dale will join BP as chief economist in October. He joined the Bank in 1989 and has been the Bank’s chief economist since 2008.

Yallop will step down as UBS UK chief executive in September and will join the PRA’s board as an external member in December, while former consultancy firm McKinsey director Sandra Boss will also join as an external member in September.

Bank governor Mark Carney says: “As the Bank’s chief economist, Spencer has played a key role in ensuring the Monetary Policy Committee operates as an effective policy making body, and more recently, has brought that same rigour and dedication to the Financial Policy Committee.”

The Bank’s deputy governor for markets and banking Nemat Shafik and PRA deputy chief executive Paul Fisher will also join the board of the PRA in September and December respectively.

The Treasury and the Bank’s court of directors, which essentially acts as its board, have approved all the appointments.

Carney adds: “The board will greatly benefit from their combined expertise and diverse experience as we further ingrain a forward‑looking and judgement-based approach to prudential supervision in the UK.”

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