Sam Woods has been appointed as the new Chief Executive of the Prudential Regulatory Authority
The Oxford graduate will replace Andrew Bailey on 1st July, when Bailey moves to the Financial Conduct Authority.
Mr Woods will remain in his current position as Executive Director of Insurance at the PRA until he takes up his new role.
Sam Woods was previously the Chief Operating Officer at UK Financial Investments and has worked at the New Zealand Treasury. Before joining the public sector he worked for Diageo and McKinsey and Company.
The Chancellor of the Exchequer, the Rt Hon George Osborne MP, said: “I am delighted to appoint Sam Woods to be the next Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority. Sam is a public servant of great integrity and will bring real judgement to the job.
“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.
“I would like to thank Andrew Bailey for his excellent years of service at the Bank. He is now moving onto a new role at the FCA and leaves the PRA in an excellent state. In Sam Woods he has a worthy successor.”
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 of safety and soundness, protection of policyholders and financial stability more broadly.”
As the Bank’s Deputy Governor for Prudential Regulation, Sam Woods 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.
