Senior PRA official in the running to take over top spot after Andrew Bailey departs

 
Caitlin Morrison
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The Treasury is yet to decide on a new leader for the banking sector's watchdog (Source: Getty)

Lyndon Nelson, a senior official at the prudential regulation authority (PRA), is among a small number of candidates being interviewed to take over as governor of the banking watchdog.

Nelson is a contender to replace Andrew Bailey, who was recently appointed as the next chief executive of the Financial Conduct Authority (FCA), according to Sky News. He is currently executive director for UK deposit-takers supervision, a role he took up during a reshuffle at the PRA in 2014.

Meanwhile, Megan Butler, executive director for international banks supervision, and Charles Roxburgh, a Treasury official, are reported to be among the other candidates.

Interviews, conducted by Treasury officials, were due to be completed last Friday, and a decision on the new PRA chief is imminent.

The PRA declined to comment.

Chancellor George Osborne named Bailey as successor to the FCA's interim chief executive Tracey McDermott, who has acted in the role since Martin Wheatley was removed from the post in September, earlier this year - but Bailey will not take up the role until his replacement has been found.

At the time, Osborne said appointing Bailey to the FCA was "a key next step in establishing it as strong regulator".

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