Practitioner Panel and Insurance Sub-committee

Overview 

The Practitioner Panel and Insurance Sub-committee are established under the Financial Services and Markets Act 2000 to represent the interests of practitioners.

We have a statutory duty to maintain effective arrangements to consult practitioners and consider their representations.

The Panel will consider our policies and practices and provide input to the Prudential Regulation Committee to help it meet its statutory and operational objectives.

The Sub-committee has been formed to provide a dedicated forum to discuss the PRA’s policies and practices related to the insurance sector. The creation of the Sub-committee was announced by Sam Woods in February 2018, and the Panel met for the first time in July 2018. Information is shared between the Sub-committee and the Practitioner Panel, and the Sub-committee contributes to the Practitioner Panel’s annual report. When appropriate, members of the Sub-committee report informally to industry on its work. 

The Practitioner Panel membership is representative of PRA approved persons. The Practitioner Panel and Insurance Sub-committee members have been nominated by trade associations and market participants, with the composition being broadly representative of how the PRA allocates its resources. Members are independent of the firm, trade association, or market participant, they are drawn from.

The Practitioner Panel meets approximately every eight weeks and its members serve a three-year term, which is renewable at our discretion. The Insurance Sub-committee meets approximately every four months and its members serve a three-year term which is renewable at our discretion. For future recruitment for both the Practitioner Panel and Sub-committee, we will consult the relevant trade association(s) and market participant(s) to secure nominations for new members.

Practitioner Panel and Insurance Sub-committee key documents

Terms of reference

Current Annual Report

Practitioner Panel members

The panel has elected its own Chair, Martin Gilbert (Chief Executive, Standard Life Aberdeen) and Deputy Chair, Ashraf Piranie (Finance and Operations Director, West Bromwich Building Society).

The other panel members are listed below, along with the trade association that nominated them:

UK Finance

• Francesca McDonagh, Chief Executive, Bank of Ireland Group
• Nathan Bostock, Chief Executive Officer, Santander UK
• James Bardrick, Chief Executive Officer, Citigroup Global Markets Limited & Citi Country Officer, UK

Association of British Insurers

• Richard Ward, Executive Chairman, Ardonagh Specialty
• Tim Harris, Deputy Group Chief Executive Officer & Group Finance Director, Royal London
• Helen Pickford, UK Chief Financial Officer, Zurich Insurance Group

Building Societies Association

• Victoria Stubbs, Chief Risk Officer, The Cambridge Building Society
• Ashraf Piranie, Group Finance and Operations Director, West Bromwich Building Society

Investment Management Association

• Martin Gilbert, Vice Chairman, Standard Life Aberdeen plc & Chairman, Aberdeen Standard Investments

Association of Foreign Banks

• William Smith, Managing Director, Head of European and Middle East Operations, BMO Financial Group

PIMFA

• Mary-Anne Daly, Chief Executive Officer, Cazenove Capital, UK

Mainland UK Credit Unions

• Robert Kelly, Chief Executive Officer, Association of British Credit Unions Ltd

The Institute of Chartered Accountants in England and Wales/The Institute of Chartered Accountants of Scotland

• Mark Rhys, Banking Partner, Deloitte

NI Credit Unions

• Martin Fisher, Regulatory and Legal Officer for Northern Ireland, Irish League of Credit Unions

Insurance Sub-committee members

The Insurance Sub-committee is chaired, on a rolling basis, by Tim Harris (Deputy Group Chief Executive Officer & Group Finance Director, Royal London), Helen Pickford (UK Chief Financial Officer, Zurich Insurance Group) and Richard Ward (Executive Chairman, Ardonagh Specialty). All three are also members of the main Practitioner Panel and were nominated by the ABI.

The other panel members are listed below, grouped under the trade association or market participant that nominated them:

Association of British Insurers

Angela Darlington, Interim Chief Executive Officer, UK Insurance, Aviva

Lloyd’s Market Association

Penny Shaw, Chief Risk Officer, Chaucer

Insurance & Reinsurance Legacy Association (IRLA) International 

Paul Corver, Chairman, IRLA 

Association of Financial Mutuals 

Stuart Tragheim, Chief Executive Officer, Holloway Friendly

International Underwriting Association of London (IUA)

Tracey Hunt, Deputy Chief Executive Officer, UK and Regional Manager for Energy, Allianz Global Corporate & Specialty

Institute and Faculty of Actuaries (IFoA) 

Andrew Chamberlain, Past Chair of Life Board, IFoA