Bank of England hires ex-Yorkshire Bank chief to help regulate banks

The former chief executive of Yorkshire and Clydesdale banks has been appointed to serve as an external member of the Bank of England’s Prudential Regulation Authority, which handles day-to-day regulation of banks.

David Thorburn stood down in January after nearly four years at the helm of the Australian-owned lenders. He was appointed to the executive leadership team in 2002.

The Bank of England also announced the appointment of Norval Bryson, the deputy chairman of Scottish Widows, as an external member.

“David’s considerable expertise in retail and commercial banking will be of great benefit as will Norval’s exposure to the insurance sector,” Governor Mark Carney said.

Yorkshire and Clydesdale have had to set aside £1.7bn to cover mis-selling of products to households and small businesses.