The Bank of England has appointed three City of London veterans to the founding board of the Prudential Regulation Authority, which is due to take control of financial supervision following the abolition of the Financial Services Authority next month.

The Bank, which has been handed enlarged regulatory powers as part of UK government reform of financial regulation, has appointed Rosalind Gilmore, a former building societies regulator; Iain Cornish, a former building society chief executive, and Charles Randell, a lawyer who advised the Treasury during the bank bailouts in 2008, as non-executive directors.