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Business & Finance

UK appoints former Bank of Canada deputy Wilkins to BoE role

  • "Carolyn has a respected track record built over 20 years at the Bank of Canada and her extensive experience in international financial regulation will be a real asset to the FPC," British finance minister Rishi Sunak said.
  • The FPC sets capital ratios for British banks and insurers and regulates aspects of mortgage lending, as well as broader financial risks. Its remit does not extend to monetary policy or financial misconduct.
08 Apr 2021

LONDON: Britain's finance ministry said on Thursday it would appoint former Bank of Canada official Carolyn Wilkins to serve as an external member of the Bank of England's Financial Policy Committee, which monitors risks to financial stability.

Wilkins stepped down from her role as senior deputy governor at the Bank of Canada in December after losing out to Tiff Macklem in the race to be the Canadian central bank's governor.

"Carolyn has a respected track record built over 20 years at the Bank of Canada and her extensive experience in international financial regulation will be a real asset to the FPC," British finance minister Rishi Sunak said.

Wilkins will begin her three-year term on June 21 and replaces Don Kohn, a former vice-chairman of the US Federal Reserve who stepped down from the FPC last month.

The FPC sets capital ratios for British banks and insurers and regulates aspects of mortgage lending, as well as broader financial risks. Its remit does not extend to monetary policy or financial misconduct.

Wilkins will be one of five external members of the FPC who serve part-time alongside the chief executive of Britain's Financial Conduct Authority, six BoE officials including Governor Andrew Bailey, and a finance ministry observer.

External members of the FPC are paid just over 97,000 pounds ($134,000) a year.

As well as her FPC role, Wilkins is a board member of Canadian insurer Intact Financial Corporation.