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).
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.