Sam Woods

Sam Woods appointed as new head of the Prudential Regulation Authority (PRA)

Written by Joseph Nordqvist

Published: 05:05, April 9, 2016

Sam Woods, the Bank of England’s Executive Director of Insurance, has just been appointed by George Osborne as the Deputy Governor for Prudential Regulation, and head the Prudential Regulation Authority (PRA).

The Treasury announced on Friday that Woods will officially take over from Andrew Bailey as chief executive on 1 July for a renewable term of five years.

Sam Woods will have specific responsibility for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

Andrew Bailey will step down to become CEO of the Financial Conduct Authority (FCA).

Sam Woods
Sam Woods will replace Andrew Bailey as head of the PRA this July.

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.”



About Sam Woods

Sam Woods joined the Financial Services Authority (FSA) in 2011 and transferred to the Bank in 2013 with the integration of the Prudential Regulation Authority (PRA).

Before joining the public service, Sam worked in the private sector from 1995-2001, for Diageo and McKinsey and Company.

He earned an MBA from INSEAD in 1998, and an MA History and English from Oxford University in 1995.

Joseph Nordqvist Avatar

Other News

Drought can disrupt food supplies far beyond affected farms

Oct 15, 2026

ManpowerGroup picks Becky Frankiewicz to lead its recovery

Oct 15, 2026

Euro area industrial output falls for a third month

Oct 15, 2026

GTCR and Elliott agree $6.1 billion takeover of insurance software group CCC

Oct 15, 2026

UK economy grows 0.1% in August, beating forecasts of a fall

Oct 15, 2026

TSMC forecasts another sales jump after profit rises 68.7%

Oct 15, 2026

EU e-waste collection remains far below its main target

Oct 14, 2026

IMF forecasts 3.1% growth with less room to absorb another shock

Oct 14, 2026

ASML weighs more capacity after a record €11.7 billion quarter

Oct 14, 2026

Buying robots does not always make factories more productive

Oct 13, 2026

Making electronics entirely in the US could raise costs by 41% to 152%

Oct 13, 2026

6G standards take shape while 5G investment continues

Oct 13, 2026

Five growth markets shaped by aging populations and infrastructure needs

Oct 13, 2026

Hybrid demand is reshaping automakers’ investment plans

Oct 13, 2026

Clay pretreatment could cut emissions from cement manufacturing

Oct 12, 2026

EU backs €3.5 million project to test disinformation tools

Oct 12, 2026

Researchers bring quantum chaos under control across 100 qubits

Oct 12, 2026

When the next generation doesn’t want the family business

Oct 11, 2026

Cleveland Fed survey finds businesses unconvinced by stablecoins

Oct 11, 2026

Costs hold back commercial heat pump upgrades, California study finds

Oct 11, 2026