David Thorburn has resigned from the Prudential Regulation Committee (PRC) with a view to returning to the private sector.
A HM Treasury process to identify a successor has already started.
Mark Carney, Governor of the Bank of England, said: “I would like to thank David for the many great contributions he has made to the PRC’s work.
“We have all benefited from his tremendous practical knowledge of retail banking. I wish him every success in the future.”
Thorburn said: “It has been a privilege to serve alongside my colleagues, first on the PRA Board and then the PRC, during the final stages of implementing the post-crisis reforms in banking and insurance.
“I am confident that the PRA’s forward looking, judgement based approach focussed on the key risks is the right one. I have greatly enjoyed playing my part in putting that approach into practice.”
His departure follows another PRC member leaving. Charles Randell left to become the chairman of the PRA’s sister regulator, the Financial Conduct Authority in January.
In 2015 he was chief executive of the Clydesdale and Yorkshire banks but left to join the PRC. His three-year term was due to expire in August.
Thorburn is on gardening leave for three months before being able to take up a role in the private sector.