The Treasury’s most senior civil servant is in line to become chairman of Legal & General (L&G).
John Kingman is acting permanent secretary at the Treasury and has been strongly tipped as the frontrunner for the chairman ship of L&G, according to The Times.
The role comes with a £340,000 salary for three days a week.
The paper said it understands an application has been lodged with the Prudential Regulation Authority and L&G’s largest institutional shareholders are being sounded out.
The move must be approved by parliament’s advisory committee on business appointments (Acoba), which checks and approves MP and civil servants’ proposed job moves to the private sector.
Kingman played a key role in the government bail outs of Northern Rock, Lloyds and Royal Bank of Scotland.
However the top job at the Treasury was given to Tom Scholar, joining from the cabinet office.
Kingman’s appointment would follow other high profile moves from Westminster to insurers and asset managers.
Last year chancellor George Osborne’s former chief of staff Rupert Harrison, credited as an architect of the pension freedoms, joined BlackRock.as a chief macro strategist of multi-asset funds.
After losing their seats in the 2015 election pensions minister Steve Webb joined insurer Royal London and shadow pensions minister Greg McClymont joined Aberdeen Asset Management.
Source: New Model Adviser