The Treasury veteran will join the global insurance and reinsurance body in May next year, subject to regulatory approval.

The former TSB chief operating officer will become a non-executive director of the global travel and high street retailer from next month.

Karen Briggs, Oliver Laird and Jackie Noakes have all joined the banking group’s board as non-executive directors from today.

Nathan Bostock will be appointed a non-executive director of the banking group with effect from 1 August this year.

The government’s bonfire of the regulations expected for audit reform creates a source of uncertainty for business.