Barclays, Aviva and Virgin Money shuffle decks

Financial services groups are finding it increasingly challenging to appoint chairmen who are qualified to grapple with the governance, regulatory and pay issues surrounding the industry.

Mr McFarlane, who will join Barclays at the start of 2015, said himself last year that there are probably less than a dozen individuals equipped to run a large British bank.

Sir John Sunderland, the Barclays director who led the search for a new chairman, said the bank had set very challenging requirements for its new chairman and I am very pleased that we have identified someone who met all of our criteria.

Sir David, Mr McFarlanes predecessor, had committed to no more than three years at the bank after being parachuted in following the Libor scandal.

Barclays new chairman has been widely praised during his two-year stint at Aviva. The insurers former chief executive was forced to stand down amid a pay row just weeks before Mr McFarlane was scheduled to join, forcing the Australian to take charge.

In his six months as executive chairman and in the ensuing months under new chief executive Mark Wilson, the groups shares have almost doubled.

Barclays shares rose 2pc while Avivas fell by 1pc. Mr McFarlane said that he was leaving the company in safe hands.

Virgin Money, which was created out of the ashes of the good bank of Northern Rock in 2012, appointed Mr Moreno as it posted a fourfold rise in underlying profits in the first half of the year.

The company is gearing up for a float in the coming months, although chief executive Jayne-Anne Gadhia said this would depend on market conditions.

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Barclays, Aviva and Virgin Money shuffle decks