HM Treasury has today announced that Her Majesty The Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Sam Woods as Deputy Governor for Prudential Regulation and Chief Executive of the Prudential Regulation Authority (PRA).
The appointment of Sam Woods is effective 1 July 2016.
Sam Woods, who was appointed for a renewable term of five years, will succeed Andrew Bailey, who will leave at the end of June. Sam will continue in his current role as Executive Director of Insurance until end June.
As the Bank’s Deputy Governor for Prudential Regulation, Sam will have specific responsibility for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
Sam will sit on the Bank’s Court of Directors, the Financial Policy Committee, the Board of the Prudential Regulation Authority (which will become the Prudential Regulation Committee following Royal Assent of the Bank of England Bill) and the Board of the Financial Conduct Authority.
Sam will represent the Bank in international groups and institutions including the European Banking Authority and the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision.
Commenting on the appointment, the Governor of the Bank of England, Mark Carney, said:
“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. My colleagues and I look forward to working closely with Sam as the Bank of England continues its important mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.”
Sam Woods said:
“I am absolutely delighted and very honoured to be taking on the Deputy Governor role. The PRA has made a strong start as a prudential regulator under Andrew Bailey’s leadership and I look forward to continuing our work with the aim of promoting safety and soundness, protection of policyholders and financial stability more broadly.”