13th March 2018

David Thorburn resigns from Prudential Regulation Committee

David Thorburn has resigned from the Prudential Regulation Committee (PRC) with a view to returning to the private sector. An HM Treasury process to identify a successor has already started.

The Governor of the Bank of England, said: "I would like to thank David for the many great contributions he has made to the PRC’s work. We have all benefited from his tremendous practical knowledge of retail banking. I wish him every success in the future."

Mr Thorburn said: It has been a privilege to serve alongside my colleagues, first on the PRA Board and then the PRC, during the final stages of implementing the post-crisis reforms in banking and insurance. I am confident that the PRA’s forward looking, judgement based approach focussed on the key risks is the right one. I have greatly enjoyed playing my part in putting that approach into practice.”

David Thorburn is a former chief executive officer of Clydesdale Bank, and joined the PRA Board (now the Prudential Regulation Committee) as one of the six independent members in July 2015. His present term would have expired in August 2018. Under the Bank of England’s rules he is serving a three-month restriction period before taking up any outside commitment that would not have been permitted to a serving member of the PRC.