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Treasury Committee approves appointment to Prudential Regulation Committee

19 July 2022

The Treasury Committee today agrees to the appointment of Marjorie Ngwenya to the Bank of England’s Prudential Regulation Committee (PRC).

The Committee held a pre-commencement hearing on 18 July 2022 and, in a new report published today, outlines it is satisfied that Ms Ngwenya has the appropriate professional competence and personal independence for the role.

The cross-party Committee of MPs outlines that Ms Ngwenya has extensive insurance, risk management and actuarial experience. However, her apparent inexperience of prudential regulation in the banking sector and limited recent UK financial services experience suggests it will be important that her knowledge of these areas be developed quickly so she can become fully effective in her new role.

The Committee also notes her commitment to report on any conflicts of interest as they arise.

In the session, MPs questioned Ms Ngwenya about her personal suitability for the post and her views on the outlook for the safety and soundness of the firms regulated by the PRC.

The Committee agrees to the appointment and wishes Ms Ngwenya every success in the role.

Further information

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