Former FSA head joins Pru's board

The former chairman of the Financial Services Authority, Sir Howard Davies, has joined the board of Prudential.

Sir Howard's appointment as a non-executive director at the insurance giant follows a turbulent period for Prudential after it was rebuffed in its attempt to buy AIA, the Asian arm of American International Group (AIG).

The appointment, and that of Paul Manduca, who is also set to join the board, will be seen as strengthening the position of the Pru's chief executive, Tidjane Thiam, and chairman, Harvey McGrath, who faced calls from some investors to resign after the failure to capture AIA.

Mike Wells, the finance director of the group's US division, Jackson National Life, will take over as chief executive of the subsidiary in the new year.

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