The Treasury is gearing up to commence a search for a new leader of Britain’s prudential financial oversight body – a crucial role in global banking regulation. Sky News has uncovered that officials are in the process of preparing to advertise for a chief executive to succeed Sam Woods at the Prudential Regulation Authority (PRA) in the upcoming year.
The recruitment process is anticipated to kick off after the summer season, attracting interest from prominent regulatory figures worldwide, as indicated by sources in the City on Thursday. Sam Woods has completed two terms in his current position and is scheduled to step down at the conclusion of his second term in June next year.
Highly regarded within the industry, Woods is considered a viable contender to potentially follow Andrew Bailey as the governor of the Bank of England in 2028. Before assuming his current role at the PRA, Woods held the position of executive director of insurance.
Recent news of the impending recruitment process follows Chancellor Rachel Reeves appointing Nikhil Rathi to another five-year term as the head of the Financial Conduct Authority. In addition to his role as CEO of the PRA, Sam Woods also serves as a deputy governor of the Bank of England, a member of the Bank’s Court of Directors, and a director of the FCA.
The Treasury has opted not to provide any comments on the matter.
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