Jayne-Anne Gadhia joins the Bank of England's FPC

Colette and Jayne-Anne will replace Richard Sharp and Martin Taylor, who are stepping down in 2019.

Jayne-Anne will take up her role in time for the FPC’s Q2 2019 round of meetings, with Dame Colette taking up her role in the following quarter.

Jayne-Anne was the CEO of Virgin Money from 2007 until 2018 and was given a damehood in the New Year's Honours List for services to women in the financial services.

She was appointed by the government as the official Women in Finance Champion to promote the benefits of a diverse workforce across the UK financial services sector.

Colette Bowe is the current chair of the Banking Standards Board and a trustee of the IFRS and Nuffield foundations.

The Chancellor of the Exchequer, Philip Hammond, said: "The Financial Policy Committee’s importance to the protection and resilience of our economy cannot be overstated, which is why we have some of the finest talent in finance on it. The insight and experience that both Dame Colette and Dame Jayne-Anne bring will be valuable assets to the Committee’s vital work.

"I would like to thank Richard Sharp and Martin Taylor for their significant contributions to the Committee over their terms, and I wish them all the best for the future."

Governor of the Bank of England, Mark Carney, commented: "I am delighted to welcome the appointment of Colette and Jayne-Anne to the Financial Policy Committee.

"As Chair of the Banking Standards Board, Colette has led the way in developing and embedding better standards of conduct across the banking sector. Her experience in the private sector and handling some of the biggest regulatory challenges of our times will also be extremely valuable to the Committee’s deliberations in the coming years.

"Jayne-Anne brings deep and relevant experience in retail banking and her successful business career. In her public policy she has championed the transformative impact of adopting new technologies and of greater diversity within the workforce of the financial services industry. We also greatly look forward to her contributions to the work of the Committee."