Marjorie Ngwenya will join the PRC on 5 September 2022, commencing a three-year term, replacing Norval Bryson as an external member.
In UK, the Prudential Regulation Authority (PRA) supervises banks, insurers and major investment firms. The PRA’s most important decisions are taken by the Prudential Regulation Committee (PRC), chaired by the Governor of the Bank of England. Five members of the PRC are Bank staff, including the Governor and four Deputy Governors. The PRC has a majority of external members, including the Chief Executive of the Financial Conduct Authority.
Former President of the UK Institute and Faculty Actuaries
Marjorie Ngwenya previously served as President of the UK Institute and Faculty Actuaries, having served on its Council for eight years. Governor of the Bank of England, Andrew Bailey, said: “I am delighted to welcome Marjorie to the Prudential Regulation Committee. She brings a wealth of experience on the insurance side and will make a valuable contribution to the work of the Committee. Her senior leadership experience, including from her role as President of the IFoA, will be invaluable for our work on the Solvency II reforms and the future regulatory framework. I look forward to working with her in the coming years”.
External member of the PRC, Marjorie Ngwenya, said: “I am delighted to be appointed as an external member of the Prudential Regulation Committee as it considers a number of important issues, including the Future Regulatory Framework Review and Solvency II reforms. I look forward to contributing my international financial services experience in support of the work of the Committee”.
20 years in financial services
Marjorie Ngwenya has more two decades’ experience in global leadership roles in financial services. Marjorie Ngwenya is currently a freelance actuarial consultant. She was formerly Executive Director at ALU School of Insurance, a social entrepreneurial collaboration of the insurance industry on the African continent.
Marjorie Ngwenya is a permanent resident of South Africa, and works with global clients.
Between the UK and Zimbabwe
Marjorie Ngwenya was born in the UK and raised in vibrant and diverse post-independence Zimbabwe where she completed her primary and secondary education. She returned to the UK to pursue degree studies in Actuarial Science at the London School of Economics. Due to financial challenges she was unable to complete her undergraduate studies and she entered the workplace as a school leaver.
Despite not holding an undergraduate degree she undertook professional examinations while working. She studied and completed a taxation qualification before qualifying as an actuary in 2006.
Marjorie Ngwenya is a Fellow of the Institute and Faculty of Actuaries. Fellowship is the highest level of qualification attainable with the Institute and Faculty of Actuaries (IFoA). Prior to her actuarial training she completed the ATT qualification of the Association of Taxation Technicians (UK).
Marjorie Ngwenya is a holder of a Sloan Masters of Leadership and Strategy from the London Business School. She was a recipient of the Sloan scholarship. The Masters in Leadership and Strategy focuses on strategy, leadership and change, and globalisation. This programme covered a blend of technical and organisational behaviour topics to provide a solid grounding in the tools, frameworks and analytical skills to effectively lead change and drive the performance of an organisation.
Marjorie Ngwenya has also completed the Channel Leadership Program at INSEAD.She is a Certified Coach Professional.
She spent a number of years in the corporate arena before becoming a freelance consultant and board member. She is also an author and motivational speaker. The earlier part of her career was largely spent in the UK and she has working knowledge of doing business on the African continent.
In her executive career, she was a member of the Group Executive Committee of Liberty Group in South Africa, serving as Chief Strategist. Prior to that, she was Chief Risk Officer for Old Mutual’s African Operations.
Acturial consultant
As an actuarial consultant, Marjorie Ngwenya assist clients with solving financial, risk-related or strategic challenges to meet their specific goals. Her job is to evaluate “what if” scenarios by monitoring and assessing current trends and likely future changes. Her work as an actuarial consultant has been wide-ranging and includes: Financial modelling; Pricing and product design; Designing risk and control frameworks; Strategy development and execution; Due diligence for mergers and acquisitions.
Teaching
As an actuary who is passionate about continuous development, Marjorie Ngwenya has given her time to teach undergraduate/postgraduate actuarial students at universities in the UK, Kenya and Armenia. She has also delivered actuarial lectures and training in the UK, Bulgaria, India, Ghana, Zimbabwe, Kenya, Uganda and Nigeria. She is a Visiting Lecturer at Cass Business School, UK and has presented at a number of industry conferences.
The youngest president in the IFoA’s 160 year history
Marjorie Ngwenya has worked and lived internationally and continues to grow her global network. She has held a number of leadership roles having taken an early interest in service and volunteering when she was elected as Junior Deputy Mayor of the City of Harare at the age of 17.
Marjorie Ngwenya was elected president of the Institute and Faculty of Actuaries (IFoA) Council in June 2016, at 36, becoming the first IFoA president to be based outside the UK, the youngest president in the organisation’s 160 year history, the third female and the first person of colour. In her role as president she chaired its 30 person Council. She was formerly a chair of the Nominations Committee, a member of the Management Board, Remuneration Committee and the Audit & Risk Committee. From 2009 to 2011 she was Editor of The Actuary magazine circulated to a worldwide readership of over 20,000.
Director on a number of boards
As well as being a speaker and consultant, Marjorie Ngwenya currently serves as a non-executive director on a number of boards in the insurance and not for profit sector in South Africa. She serves an independent non-executive director at Tangerine Life (Nigeria) and its holding company Tangerine Financial. She is the chairperson of the Canon Collins Trust (UK) since May 2021, after joining the board in 2019. She is also a trustee of the Legal Resources Centre (South Africa).
Marjorie Ngwenya was the founding Executive Director of the African Leadership University’s School of Insurance, an industry driven initiative to deepen insurance talent on the African continent.
Marjorie Ngwenya enjoys music and in her early years in London she was lead singer in a 70s disco band. She is a keen linguist and speaks the following languages: English (fluent), Shona (fluent), French and Dutch (A Level passes/intermediate). She is a freeman of the City of London and liveryman of Worshipful Company of Actuaries – a charitable arm of the actuarial profession
