Former FSA chairman Lord Turner joins Pru board

Prudential has appointed a former chairman of the Financial Services Authority as a non-executive director.

Lord Adair Turner will join the business with immediate effect, serving as a member of the firm’s risk committee.

He will be joined by the former leader of PWC’s global insurance practice, David Law, who will sit on the audit committee.

As well as helming the FSA, Turner was also previously a non-executive at the Bank of England and director general of the Confederation of British Industry.

Turner is currently a non-exec at OakNorth Bank and chairman of the Institute for New Economic Thinking.

In addition to leading PWC insurance business, Law has also been responsible for the firm’s insurance and investment management assurance practice in London and the firm’s Scottish assurance division.

He is currently a director of the professional indemnity captive insurance group that services the PWC network.

Prudential chair Paul Manduca says: “I am delighted that Lord Turner and David Law are joining the Board.

“Lord Turner’s distinguished career has given him considerable expertise in global financial services, particularly in regulation and risk management. David Law is highly respected in the international insurance community and brings with him a wealth of experience of the audit processes of global insurance groups.”

Pru’s non-execs are expected to serve two three-year terms, with elections taking place at the firm’s annual general meeting, although the board may invite them to serve for longer.

For taking on the role, Turner and Law will be paid an annual fee of £121,500, comprised of a basic fee of £94,000 plus a further £27,500 for their committee roles.