Iain Cornish, former chief executive of the Yorkshire Building Society, Rosalind Gilmore, former chairman of the Building Societies Commission and Charles Randell, partner at law firm Slaughter and May, will join the board immediately.
One further board member will be appointed in due course who has experience in the insurance industry.
The trio will each earn £77,520 per year for the position which will involve fortnightly meetings and be joined on the board by Sir Mervyn, Paul Tucker, Andrew Bailey and Martin Wheatley.
Bank of England governor Sir Mervyn King said: "I am delighted to welcome Iain, Rosalind and Charles to the new PRA board. Their combined breadth of experience and skills will play an invaluable part in establishing the Bank of England's new judgement-based approach to supervision in the UK."
{desktop}{/desktop}{mobile}{/mobile}
Mr Cornish was chief executive of the Yorkshire Building Society from 2003-2011 and was also chairman of the FSA Practitioner Panel. He is also a non-executive director of St James' Place.
Ms Gilmore worked for the Treasury for 26 years specialising in international and domestic monetary policy and the structure of the UK financial system.
Mr Randell has been a partner at Slaughter and May since 1989, focusing on financial stability and bank restructuring. He has worked on the restructuring of Lloyds/HBOS, Bradford & Bingley and Northern Rock.

• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.