The appointment of Antony Jenkins to the Prudential Regulation Committee

In regard to the time Mr Jenkins has available for his role on the PRC, Mr Jenkins said to us that he had been told that the role would require a commitment of one to two days a week. However, we note that the February 2020 candidate brief for the role of external member of the PRC says that it requires an average time commitment of 26 days a quarter, which amounts to two days a week.3

Mr Jenkins told us that his outside time commitments totalled on average two and a half days a week, divided between one day at Fannie Mae, one day at 10x Future Technologies, a quarter of a day at Blockchain and a quarter of a day at Currencies Direct. We note that Mr Jenkins said that he expects to stand down from some of his remaining outside commitments, and that if the time required for his PRC role rose to over three days a week he would struggle to maintain the role alongside his current outside commitments.

After taking into account his oral and written evidence, we are satisfied that Antony Jenkins has the appropriate professional competence and personal independence to undertake the role of external member of the Prudential Regulation Committee. We wish him every success. 2 “Financial Interests […] Holding a financial interest in a PRA-authorised person, including an interest which arises under deferred compensation arrangements with such a firm, may disqualify an individual from becoming a member of the Committee unless it is not substantial in terms of the individual’s wealth at the time of appointment or is externally managed as part of a discretionary portfolio. Existing direct holdings in PRA- authorised persons (provided they have been considered at the time of appointment not to substantially affect the functions as Committee Member that it would be proper for the person to discharge) may be retained but should not be actively managed thereafter other than to sell them, with the Bank’s consent in accordance with the Bank’s personal financial transactions policy.” Prudential Regulation Committee Conflicts of Interest Code of Practice, approved by Court 12.02.19, 2.1(c), page 3 3 Bank of England and HM Treasury, Candidate brief for the appointment of External Members to the Prudential Regulation Committee Bank of England, February 2020, page 4 6 The appointment of Antony Jenkins to the Prudential Regulation Committee