Chancellor of the exchequer Philip Hammond has announced two new external financial policy committee members.
The FPC is part of the Bank of England, and is responsible for overseeing the stability of the UK’s financial system.
Dame Colette Bowe and Dame Jayne-Anne Gadhia will replace outgoing members Richard Sharp and Martin Tylor, whose exits are planned for the end of Q1 and Q2, respectively.
Bowe has experience at board level with the UK statistics authority and the department for transport, and is current chairman of the banking standards board, a trustee of the IFRS foundation and the Nuffield foundation, and a visiting fellow at Oxford’s Nuffield College.
Gadhia worked as chief executive of Virgin Money for over a decade, served as a member of the mayor of London’s business advisory board, and regularly attended the prime minister’s business advisory council.
Both new members will serve for three years.
Hammond comments: “The financial policy committee’s importance to the protection and resilience of our economy cannot be overstated, which is why we have some of the finest talent in finance on it. The insight and experience that both Dame Colette and Dame Jayne-Anne bring will be valuable assets to the committee’s vital work.
“I would like to thank Richard Sharp and Martin Taylor for their significant contributions to the committee over their terms, and I wish them all the best for the future.”
Bank of England governor Mark Carney says: “As chair of the banking standards board, Colette has led the way in developing and embedding better standards of conduct across the banking sector. Her experience in the private sector and handling some of the biggest regulatory challenges of our times will also be extremely valuable to the committee’s deliberations in the coming years.
“Jayne-Anne brings deep and relevant experience in retail banking and her successful business career. In her public policy she has championed the transformative impact of adopting new technologies and of greater diversity within the workforce of the financial services industry. We also greatly look forward to her contributions to the work of the committee.”