March 14, 2019 / 12:28 PM / 6 months ago

UK banking executive Gadhia to take up BoE post later than planned: Treasury

FILE PHOTO - Jayne-Anne Gadhia, Chief Executive of Virgin Money speaks at the Confederation of British Industry (CBI) annual conference in London, Britain November 9, 2015. REUTERS/Toby Melville

LONDON (Reuters) - Britain’s finance ministry said on Thursday that banking executive Jayne-Anne Gadhia will join the Bank of England’s Financial Policy Committee (FPC) in April 2020, a year later than scheduled.

Gadhia used to be chief executive officer of lender Virgin Money, acquired by banking group CYBG plc in October 2018, but still acts in an advisory role.

“To ensure Dame Jayne-Anne is free from conflicts arising from her continuing role with CYBG, she will now join the FPC in April 2020, rather than April 2019,” the finance ministry said in a statement.

Gadhia would have otherwise had to recuse herself from parts of the FPC’s work, the finance ministry said.

Martin Taylor will now remain a member of the FPC, which monitors the stability of Britain’s financial system, until April 2020.

Reporting by Andy Bruce; Editing by Raissa Kasolowsky

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