Sam Woods has been appointed the new chief executive of the Prudential Regulation Authority (PRA), the Bank of England announced this afternoon.
Woods, who is currently executive director for the Bank's insurance division, will take over from the outgoing Andrew Bailey on 1 July 2016, and will have ultimate responsibility for supervising banks, building societies, insurers and investment firms.
George Osborne, chancellor of the exchequer, who was ultimately responsible for the appointment, said:
Sam has been one of the architects of the government’s crucial reforms to financial regulation – playing a key role in the work of the Independent Commission on Banking.
I believe Sam is the best person to ensure that these vital reforms he helped design will be a success and to deliver a strong, secure and globally competitive regime for all financial services.
Mark Carney, governor of the Bank of England, said:
I am delighted that Sam Woods has been appointed Deputy Governor for the Prudential Regulation and CEO of the PRA. Sam is a dedicated public servant, a forward-looking policymaker and a natural leader.
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.
The PRA is one of the successor organisations to the now defunct Financial Services Authority (FSA), which was split into the Financial Conduct Authority (FCA) and the PRA in the wake of the financial crisis.
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.
Industry leaders also welcomed the appointment:
Woods will also become a Deputy Governor of the Bank of England. Before joining the Bank in 2011, he spent a decade at HM Treasury and also worked for Diageo and McKinsey and Co.