Sam Woods has been appointed deputy governor of the Bank of England, with responsibility for Prudential Regulation.
A statement from the Treasury and the chancellor published this afternoon announced he will succeed Andrew Bailey on 1 July 2016, who is moving to take up the position of chief executive of the Financial Conduct Authority.
Mr Woods, who has been appointed for a renewable term of five years, will continue in his current role at the PRA as executive director of insurance until he takes up his new role.
George Osborne, 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, added: “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.”
As deputy governor for prudential regulation, Mr Woods will have specific responsibility for the regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
He will sit on the Bank of England’s court of directors, the Financial Policy Committee, the PRA’s board and the FCA’s board.
Mr Woods will play a crucial role bedding down a new era of financial regulation in the UK, ranging from the implementation of the new Solvency-II regime for the insurance industry to the ring-fencing framework that will reshape Britain’s biggest banks from 2019.
Biography:
- Mr Woods is currently executive director of insurance supervision at the PRA. He joined the Financial Services Authority in 2011 and transferred with it to the Bank in 2013.
- He served as director for financial stability strategy and risk, and director for domestic UK banks supervision.
- Before joining the FSA, he spent ten years at the Treasury in a variety of role, including Secretary, Independent Commission on Banking, 2010-2011 and chief operating officer of UK Financial Investments, 2008-2010.
- Prior to joining the Treasury Mr Woods worked in the private sector from 1995-2001, for Diageo and McKinsey and Company.
| Other contenders for the post were: |
| • Mark Yallop, a former Deutsche Bank and UBS executive who was chief operating officer of Icap, the interdealer broker, at one stage and a non-executive director of the PRA |
| • Lyndon Nelson, the PRA’s deputy chief executive |
| • Charles Roxburgh, a former management consultant and trusted mandarin who oversaw last year’s Fair and Effective Markets Review with the Financial Conduct Authority and BoE |
| • Megan Butler, the executive director for international banks supervision who is on secondment to the FCA. |
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