Sam Woods will assume the post of Prudential Regulation Authority chief executive effective July 1. He will also be the Bank of England’s deputy governor for prudential regulation, with a seat on the central bank’s Financial Policy Committee.
Woods, 42, is the current executive director of insurance for the PRA. He will replace Andrew Bailey, who was appointed chief of the Financial Conduct Authority in January. Between 2001 and 2011, Woods held various senior roles at the UK treasury.
As deputy governor of the BoE, Woods will oversee prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. He shall also represent the bank in international groups and institutions such as the European Banking Authority and the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision.
Mark Carney, governor of the Bank of England, said of Woods’ appointment, “I am delighted that Sam Woods has been appointed as Deputy Governor for Prudential Regulation and CEO of the PRA. Sam is a dedicated public servant, a forward-looking policymaker and a natural leader. His broad experience and personal qualities will be vital in building on Andrew Bailey’s extraordinary contributions since the creation of the PRA in 2013.”
