UK Chancellor of the Exchequer, Rishi Sunak has welcomed the appointment of Zimbabwe-born Marjorie Ngwenya as an external member of the Bank of England’s Prudential Regulation Committee (PRC).
The committee supervises the conduct of banks, insurers and major investment firms.
Ngwenya, a former president of the UK Institute and Faculty of Actuaries, will take over from Norval Bryson as an external member of the committee from Sept. 5, the finance ministry said in a statement.
Sunak confirmed the appointment last Thursday.
“Marjorie’s experience in international financial services will add valuable insight and expertise to the Prudential Regulation Committee.
“I would also like to thank Norval Bryson for his contributions to the Committee,” said thee UK treasury chief.
Bank of England Governor Andrew Bailey, said: “I am delighted to welcome Marjorie to the Prudential Regulation Committee. She brings a wealth of experience on the insurance side and will make a valuable contribution to the work of the Committee.
“Her senior leadership experience, including from her role as President of the IFoA, will be invaluable for our work on the Solvency II reforms and the future regulatory framework. I look forward to working with her in the coming years.”
For her part, Ngwenya said; “I am delighted to be appointed as an external member of the Prudential Regulation Committee as it considers a number of important issues, including the Future Regulatory Framework Review and Solvency II reforms.
“I look forward to contributing my international financial services experience in support of the work of the Committee.”
Ngwenya serves an independent non-executive director at Tangerine Life (Nigeria) and its holding company Tangerine Financial. She is the chairperson of the Canon Collins Trust (UK) and a trustee of the Legal Resources Centre (South Africa).
In her executive career, Ngwenya was a member of the Group Executive Committee of Liberty Group in South Africa, serving as Chief Strategist. Prior to that, she was Chief Risk Officer for Old Mutual’s African Operations.
An actuary, Ngwenya holds a Sloan MSc in Leadership and Strategy from the London Business School. She is also an executive coach and an advocate for diversity, equality and inclusion.