Prudential has appointed Julian Adams, executive director of insurance supervision at the Bank of England, to the newly created role of group regulatory director.
Julian will sit on the Group Executive Committee and report to Tidjane Thiam, Group Chief Executive.
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The seniority of the role, which will oversee regulatory and compliance strategy across the Group, reflects Prudential’s determination to continuously strengthen its senior leadership team and provide strategic direction to its businesses across markets as diverse as Asia, the UK and the US.
It also reflects the fact that the growing scale, success and complexity of the Group are matched by an increasingly complex and increasingly international regulatory landscape. It follows the elevation of the role of Chief Risk Officer to Board level earlier this year (Pierre-Olivier Bouée) and the creation last year of a Group Investment Director role on the Group Executive Committee (John Foley).
As Group Regulatory Director, Julian will oversee Prudential’s relations with regulators across our various markets in Asia, the US and Africa as well as our Group-level supervisors in the UK.
He brings a deep understanding of the global regulatory environment for insurers, having played a key role in shaping international regulation at the International Association of Insurance Supervisors (IAIS) and in the G-SII process.
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By GlobalDataAs well as his position at the Prudential Regulation Authority within the Bank of England, Julian is a member of the Executive Committee of the IAIS and currently chairs its Financial Stability Committee. He is the UK’s Board member of the European Insurance and Occupational Pensions Authority (EIOPA), sits on its Management Board and is a member of the Mediation Panel.
He has wide experience of supervision in financial services, having worked at both the Bank of England and the Financial Services Authority for many years.
Tidjane Thiam said: "The global regulatory landscape continues to evolve in the wake of the financial crisis and Julian’s experience – particularly internationally – will put us in a strong position to navigate these changes successfully.
We take our relationship with regulators around the world and the quality of our engagement and dialogue with them extremely seriously. We believe that good products, good customer service and a strong capital position need to be matched by sound compliance and we have always been committed to ensuring we have the best people in this field."
Julian Adams said: "As a career regulator of long standing, I believe we have made great strides to construct a sensible framework for insurance supervision both in the UK and internationally. I believe it is now time for me to take a new challenge and make a contribution on the commercial side.
I believe the fact that Prudential has created this new position at Group Executive Committee level shows the company’s understanding of the strategic importance of regulation and compliance to its businesses around the world. I am looking forward to working with Tidjane and the Executive team to ensure the Group is positioned well to deal with the challenges of the evolving regulatory scene globally."
Julian will join Prudential early in 2015 after an appropriate period of purdah, having left the Bank.
