News Column

Banking Second regulator to leave Bank of England

August 7, 2014

Angela Monaghan

The Bank of England has lost its second senior regulator in three days.

Julian Adams, executive director for insurance supervision, is to leave Threadneedle Street after 28 years as a City regulator. He will take on a new role as group regulatory director at the UK insurance company Prudential in 2015.

It is the second high-profile resignation at the Bank this week, following the news that former chief economist Spencer Dale is leaving to join BP.

Dale had been moved sideways as part of a reshuffle by Mark Carney, the Bank's governor, earlier this year. Dale lost his place as a member of the rate-setting monetary policy committee, becoming executive director for financial stability, strategy and risk after a job swap with Andy Haldane.

Adams and Dale leave at a time of great change for the Bank, which has inherited the powers of the former City regulator the Financial Services Authority. Their departures come a year after Carney became governor, and at a time when policymakers are striving to put the economic recovery on a sustainable path.

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Source: Guardian (UK)

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