FORMER Virgin Money chief executive Dame Jayne-Anne Gadhia will join the UK’s financial stability watchdog a year later than expected as she advises Clydesdale Bank-owner CYBG following its acquisition of the lender.

The Treasury said Dame Jayne-Anne will now join the Bank of England’s Financial Policy Committee in April 2020, rather than April 2019 to ensure she is free from conflicts arising from her continuing role with CYBG. “The delay to her start date will ensure she does not have to recuse herself from significant parts of the FPC’s work,” it said.

CYBG boss David Duffy became chief executive of the enlarged group following its £1.7 billion acquisition of Virgin Money in October.

The group said Dame Jayne-Anne had agreed in principle to support it as a senior adviser to Mr Duffy for up to 18 months

As part of the deal the Clydesdale Bank and Yorkshire Bank names will disappear from the high street, with all the enlarged entity’s branches taking on the Virgin branding.

After Dame Jane-Anne’s appointment to the FPC was announced in January Bank of England Governor Mark Carney said she would bring deep and relevant experience gained in retail banking and her successful business career. Banking veteran Martin Taylor will remain on the FPC until Dame Jayne-Anne starts.