Business

Sam Woods appointed as new PRA chief

Sam Woods Image copyright Bank of England
Image caption Sam Woods currently oversees insurance supervision at the PRA

Sam Woods has been appointed as a Bank of England deputy governor and head of the Prudential Regulatory Authority, which oversees the banking sector.

He replaces Andrew Bailey, who earlier this year was made the permanent boss of sister watchdog the Financial Conduct Authority (FCA), the City watchdog and the UK's most prominent financial consumer protection body.

Mr Woods currently oversees insurance supervision at the PRA.

He will start in his new job in July.

The PRA oversees the work of 1,700 banks, building societies, credit unions, insurers and major investment firms.

Mr Woods spent 10 years at the Treasury before he joined the Bank of England, where he had a variety of roles, including secretary of the Independent Commission on Banking. Before that, he worked in the private sector from 1995-2001, for drinks giant Diageo and consultants McKinsey.

The Chancellor, 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."

Mr Bailey, who was unable to start his new job at the FCA until a replacement was found, himself replaces Martin Wheatley, who left the organisation last September.

Tracey McDermott has been in charge of the FCA on an interim basis, but ruled herself out of the permanent job in January.

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