Two women take top roles at Bank

TWO of the UK’s most prominent women in banking have been appointed to the Bank of England’s financial watchdog.

Former Virgin Money boss Dame Jayne-Anne Gadhia (pictured) has been named an external member of the Bank’s Financial Policy Committee (FPC), just days after being recognised in the Queen’s New Year’s honours list.

And Banking Standards Board chairman Dame Colette Bowe will join as the FPC boosts its senior female contingent.

It comes after the Bank has come under fire for missing its targets on gender diversity. Twenty of the 42 applicants were women, with five women and three men reaching the shortlist.

Chancellor Philip Hammond said: ‘The insight and experience that both Dame Colette and Dame JayneAnne bring will be valuable assets to the committee’s vital work.’

Of Bowe, Bank of England governor Mark Carney said she had ‘led the way in developing and embedding better standards of conduct across the sector. ‘Her experience in the private sector and handling some of the biggest regulatory challenges of our times will also be extremely valuable.’ He also welcomed Gadhia’s ‘deep and relevant experience in retail banking’, adding: ‘In her public policy she has championed the transformative impact of adopting new technologies and of greater diversity within the workforce of the financial services industry.’

They replace Richard Sharp and Martin Taylor, who step down at the end of the first quarter and second quarter respectively. The appointments may go some way to improving the Bank’s reputation for diversity after it was criticised last year for hiring two men to senior roles.

There was also a backlash after deputy governor Ben Broadbent described the UK economy as ‘menopausal’ in May.